Samsung’s cellular chief takes an enormous pay reduce after slowing gross sales
Samsung’s cellular head and co-CEO JK Shin is feeling the corporate’s tumultuous efficiency proper in his pockets. The exec earned round $630,000 final quarter (a mixture of wage and bonuses), which is lower than half of the $1.5 million he took residence within the earlier quarter, the WSJ studies. Whereas the information solely makes Shin barely much less of a millionaire than he was earlier than, it is a clear signal of Samsung’s shifting fortune. The electronics big continues to be the most important smartphone maker on the earth, with round 24 % of complete market share (based on IDC). However it’s been steadily dropping floor to cheap Chinese language manufacturers like Xiaomi. And Samsung has purpose to be fearful — Xiaomi is now the world’s third-largest smartphone firm after its shipments greater than doubled final quarter.
Shin possible will not really feel the pay dent a lot, although. He is already earned considerably extra this yr than his co-CEOs after an enormous $eight.eight million payout within the first quarter (which doubtless included bonuses from the earlier yr). And Samsung continues to be trucking together with large revenues and income. However until the corporate finds some strategy to tackle a budget competitors, or crafts one other excessive-finish hit to rekindle the glory days of the Galaxy S3 (the S4 and S5 have bought nicely, however not almost as a lot because the S3), it might find yourself dropping the cellular crown in a couple of years.