Samsung Freezes Salaries Following Mobile Implosion And Titanic Profit Collapse
It's been six years since the last time Samsung did this on such a scale, and that was the result of the global financial crisis. However, it's not the first wage freeze in recent times -- the South Korean electronics company had already frozen wages for high level executives as it sought to cut costs.
Samsung is in the midst of a major restructuring effort
The company spared its CEO J.K. Shin based on his past success, as he was directly responsible for Samsung's rapid rise in the mobile market. Samsung's hope is that he can again turn things around, though it appears he's working on borrowed time.
Following months of hype and speculation, Samsung will unveil its Galaxy S6 and Galaxy S6 Edge smartphones during an Unpacked event scheduled for March 1, 2015.