Samsung CEOs see drop in salaries this year

Samsung's regulatory filings reveal that that salaries of threeof its co-CEOs have dropped drastically, as compared to last year

By Shrey Pacheco Published Date
17 - Nov - 2015
| Last Updated
17 - Nov - 2015
Samsung CEOs see drop in salaries this year

The salaries of Samsung Electronics’ three co-CEOs have dropped drastically in 2015. According to the company’s regulatory filings, vice chairman Kwon Oh-hyun was the highest-paid CEO . He received a total salary of 3.82 billion won over nine months, which is roughly Rs. 21.5 crores. Last year, He received 6.25 billion won (approx. Rs. 35.2 crores), during the same period.

The head of Samsung's Consumer Electronics business division, Yoon Boon-Keun, received 2.23 billion (approx. Rs. 13.1 crores) this year. He got 3.61 billion won (about Rs. 20.3 crores) last year. Mobile business chief, Shin Jong-Kyun, suffered the largest drop in his salary. He received 2.28 billion won, which is about Rs. 12.8 crores, as compared to 12.03 billion won (approx. Rs 67.8 crores) he received last year.

Samsung’s sales have been on the decline for quite a while now. Market research firm TrendForce said in its report that the company’s sales will turn negative this year. The research firm predicts a one per cent year-on-year dip in smartphone sales for the company, in 2015. The slump is attributed to its weakening market share in the lower and middle segments due to Chinese competitors like Xiaomi and Huawei. In India, Samsung also has domestic players like Micromax to compete with. TrendForce’s report went on to state that Samsung will remain the top smartphone manufacturer in terms of sales volume. According to the report, the company is expected to sell 323.5 million units in 2015. It estimates that the company will sell 40 million Galaxy S series phone, and 10 million units of the Note 5 by the end of 2015.

Earlier this month, a report by Counterpoint Research stated that Samsung led the overall mobile phone market in India during Q3 2015, with a market share of 19 per cent. In the smartphone segment, the company has a 23.2 per cent market share. However, the company lost share in the sub $100 segment, which is dominated by Indian and Chinese brands.

Source: Korea Herald

Shrey PachecoShrey Pacheco

Writer, gamer, and hater of public transport.