Samsung is not having the best year in terms of revenues. This is mainly due to the fact that it’s sales are falling, resulting in fall in revenues. And, it’s not just the revenues which are being affected, this also means that executives will get pay cuts as well.
According to a regulatory filing submitted by Samsung on Firday, CEO J.K Shin earned 689 million Korean won, that’s almost $630,000 in the third quarter of the year. Compare it with the last quarter when the executive managed to earn 1.7 billion won, almost $1.5 million.
The year is not turning out to be a good one for the Korean giant so far. The company reported a 60 percent fall in its net profit for the third quarter, compared to the same quarter last year. Furthermore, the company’s mobile division was hit hard as well, with its operating profit margin falling from 20 percent in the first quarter to 7 percent in the third quarter.
As a result, Shin’s wages, which includes his salary and performance bonus, has suffered a decline as well and it’s bigger when compared with his co-CEOs from other divisions.
Now, Samsung is working on curved displays to boost the demand for its handsets, and we’ve seen the Galaxy Note Edge to be one of the first ones, offering a curved display on the right side of the device.
Source: WSJ
Filed Under: Gadgets News