Samsung's co-CEO receives huge pay cut due to sliding sales.
In the last quarter, co-CEO J.K. Shin took home less than half of what he earned in the previous. The co-CEO's combination of salary and bonuses only falls at around $630,000. Despite this, Shin remains as one of the best-paid tech executive.
In the end of the third quarter, Samsung suffered a 60% drop in profits from the same period last year. The status of the tech giant has improved but there's still a recorded 14% slide compared to last year's profits.
Shin's mobile division experiences the most loss as it struggles with growing competitors around the world. Low-cost mobile phones, especially from China, have taken away some of the appeal of the South-Korean smartphone brand. The operations of the mobile division dropped to 7% in the third quarter from the 20% decrease in the first.
Due to this, Shin receives a greater setback than his co-CEO Kwon Oh-Hyun from the company's component business and B.K. Yoon from the consumer-electronics division.
Shin took home $8.8 million in the first year, which probably included bonuses from last year and only reflected in his salary this year. So even when Shin has received a lot less in the last quarter, his total pay for 2014 is double the amount of the salary pay of his co-CEOs Kwon and Oh.
Samsung only started revealing the salary of its top executives in May after a new law in South Korea mandating companies to be transparent with executives' salary figures took effect.
The South Korea company remains to be largest phone-maker in the world. Its revenue for the third quarter amounting to $43 billion is almost triple of Google's. Samsung recorded $4.3 billion in net profit, a third of which comes from Shin's mobile division.
