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Samsung India CFO Sunil Goel leaves the company

Sunil GoelSamsung India Chief Finance Officer Sunil Goel has quit after spending over 17 years at the company, reports the Economic Times. The company said its currently in the process of finding a replacement for Goel, who was one of its first few employees in India. Note that Ashutosh Mahajan, the head of taxation at Samsung India, is currently tipped to be Goel’s successor as the head of finance.

The report also claims that Ravinder Zutshi is also likely to quit when his contract ends in December this year. He is the chief relation officer and has been a part of Samsung India from the beginning as well. In the past he had headed sales, corporate, government and external affairs. These high profile resignations come in the wake of Samsung India head of IT and mobile division Vineet Taneja’s resignation, earlier this year.

A BGR report from earlier this year, had suggested that Samsung was not happy with its performance in India, especially in the mid and high-range handsets segments. This is likely why the company is currently hiring new talent and bringing in Korean expats from its headquarters, to enable stricter control of India operations and better co-ordination with its international arm. As such the company recently had senior Korean executive Hyunwoo Bang, take charge as the chief relation officer for India. As per industry estimates, the company currently has had over 100 such expats join in the last two months, although this could not be verified.

Other changes Samsung made to its team recently include hiring Sukesh Jain (former Chief Marketing Officer of Airtel’s enterprise business) as VP for enterprise business to replace Sameer Garde who quit in July, hiring Jagbir Singh (former Airtel CTO) who joined to manage Samsung’s telecom network business division, hiring Ranjiv Singh as the chief marketing officer to replace Rahul Saighal and hiring Rajiv Mishra as the VP (media) of South West Asia. The company had also hired Rajinder Sharma as VP for general counsel, while Manu Kapoor had joined the company as VP of government and industry relations.

Financials:

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In August, Samsung has reported a 25% drop in the second-quarter operating profits. This is its worst quarterly profit in the last two years, and third consecutive quarter with weak performance. The company’s mobile sales, which usually accounts for two-thirds of its total revenue registered a profit of $4.42 billion — 30 percent drop from the year before and 31 percent down sequentially. The overall sales dropped by 20 percent to $27.65 billion. In the chip sector, Samsung reported a profit of 1.86 trillion won, however the company expects its chip business will suffer losses, due to poor demand and high competition.

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