Samsung appoints new African CEO, boosts capital spending

By IVCPOST Staff Reporter

Jul 28, 2013 06:19 AM EDT

There were several notable events in Samsung recently. One of which was appointing a new CEO for Africa. Sung Yong Hong was recently appointed to take on the role.

Hong was president of Samsung Electronics Turkey. Samsung believed that Hong's experience in Turkey as an emerging market would help him take on his responsibilities as the new head of Samsung Africa.

He will replace Kwang Kee Park, current head of Samsung South East Asia. Park stayed in Africa for three years, where he was able to initiate several projects.

Meanwhile, the South Korean company will also be investing in its memory-chip and display businesses this year. The investment amounted to US$18 billion. This was an effort to keep at bay the slowing demand for its Galaxy S4 and other high-end devices.

Samsung expected smartphone sales to continue with this trend in the third quarter. "Entering into a typically strong season for the IT industry, we expect earnings to continue to increase. However, we cannot overlook delayed economic recovery in Europe and risks from increased competition for smartphone and other set products," said Robert Yi, Samsung's head of investor relations.

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