South Korea's Samsung technology giant names a new generation of top managers and promises to reward shareholders with $26 billion in payouts to 2020. Laura Frykberg reports.
In the technology world, products are more often than not, quickly outdated by newer models. No wonder then, Samsung has named a new generation of top managers, to fill the leadership vacuum, created, when boss Jay Y. Lee was convicted on bribery charges earlier this year. (SOUNDBITE) (English) CMC MARKETS ANALYST, MICHAEL HEWSON, SAYING: "At the moment, while business is doing very, very well, and is in calm waters, it will hit stormy waters and in the absence of a captain on the bridge I think it could find it much more difficult to adapt to changing business conditions." The managers are all Samsung insiders, suggesting no change in direction of the South Korean tech giant. Except perhaps when it comes to the firm's traditionally low dividends. It's promised $26 billion in payouts to investors until 2020. Samsung also says third-quarter operating profit nearly tripled the same period a year earlier, while revenue jumped 29.8 percent.