Samsung's Mobile Chief Lost his $630,000 Bonus for Lack of Performance with Galaxy Phones, Tablets and Watches
Do you remember one of our reports this summer titled "Angry Samsung Takes Back Billions in Bonuses from 100 Samsung Mobile Division Executives for Poor Performance?" Well, a new report published today tells us that Samsung's mobile chief J.K. Shin didn't get a bonus this quarter because of Samsung's profits imploding mainly due to poor smartphone and mobile device sales.
The WSJ report states that according to a regulatory filing late Friday afternoon, Shin earned just US$630,000 in the third quarter of the year, less than half of the US$1.5 million that he's used to. Shin's wages, which includes his salary and performance bonus, has taken a significantly deeper cut than those of his co-CEOs.
The decline offers another glimpse into how quickly things have changed for a man who has helmed Samsung's mobile division as it surged to the head of the cutthroat smartphone market.
While the cut in Shin's salary was significant, we can hardly shed a tear considering that he remains one of the best-paid executives in the technology world — on par with Apple CEO Tim Cook, who took home $4.25 million in salary and bonus in the fiscal year ended September 2013.
Though if Apple's iPhone 6 mania continues to hammer Samsung's sales as expected, Shin's salary could be track to be halved this year. That's just a bonus for Apple and their fan base to enjoy, thank you very much.