Samsung Electronics has pledged to work hard to earn back the public’s trust after the Galaxy Note 7 disaster.<br /><br /> The man who is front and centre to do that is Jay Y. Lee, the grandson of the company’s founder, who has just been given a seat on the board. <br /><br /> As he was promoted Samsung reported a sharp decline in profits from the withdrawal of the fire-prone smartphones.<br /><br /> Samsung is ready to move on from its Note 7 fiasco. Doing so won't be easy._eunyoungjeong https://t.co/kJSDaFfmHF pic.twitter.com/NcYXPl8pSN— Jonathan Cheng (JChengWSJ) October 27, 2016<br /> <br /><br /> Investors are calling for sweeping management changes following that costly fiasco which dragged the South Korean company’s third-quarter mobile earnings to their lowest level in nearly eight years.<br /><br /> They fell by 96 percent to 100 billion won 80 million euros<br /><br /> Samsung said its investigation into the Note 7 fires will go beyond batteries, as it tried to work out the reasons for one of the worst product failures in tech history.<br /><br /> “Until they tell me that it’s illegal to turn it on,” Galaxy Note 7 user says he would keep using it. https://t.co/nXznBGxuzR via JChengWSJ— Takashi Mochizuki (mochi_wsj) October 26, 2016<br /> <br /><br /> Co-CEO Shin said the battery might not be the only problem, suggesting the root cause may be more difficult to determine than had been hoped.<br /><br /> Trying to placate shareholders, it also held out the prospect of greater returns through a share buyback, talked up its semiconductor business and promised to consider proposals for a corporate makeover from US hedge fund Elliott Management.<br /><br /> “We know we must work hard to earn back your trust and we are committed to doing just that,” said Co-Chief Executive J.K. Shin as he apologised for the debacle at a general meeting in Seoul following the release of the company’s results.<br /><br /> As Samsung illustrates, hereditary leadership is not just a North Korean phenomenon. “Samsung heir Lee joins board.” https://t.co/18G1pWd027— Tim Shorrock (@TimothyS) October 27, 2016<br />
