Two senior executives of Korean Giant Samsung’s India wing have put in their papers down according to the reports.
Senior Vice resident and Chief Marketing Officer, Ranjivjit Singh who was in charge of mobile phone marketing and Sukesh Jain, Senior Vice President, Enterprise Business have resigned on Monday as per a report in The Economic Times.
Singh’s responsibilities will now be managed by Aditya Babbar who will handle the mobile phone marketing. Jain’s role in the company has been taken over by Senior Director Akash Saxenaa.
The resignations come even as the company is planning its biggest tech event in February where it is said to unveil its flagships for 2020 including the all new Galaxy S11/20 series.
Company’s smartphone slump
Samsung India had already been facing tough competition from Chinese electronics brand Guangzhou Bu Bu Gao Electronics (BBK), which holds a giant market share in Indian electronics under its four different brands including Vivo, OPPO, OnePlus and Realme.
According to a report published by the International Data Corporation (IDC) back in December, BBK gained 40 per cent market share compared to its previous 20 per cent market share. While the Korean tech giant Samsung’s share in the Indian market was estimated to be 19.1 per cent losing its hold over one of its prime smart phone markets.
The competition further led by the Indian government’s decision to allow 5G trials for all Telecom vendors across spectrum. BBK’s leading brand OnePlus will further leverage the opportunity to expand its sales and operations in India. The brand has already invested over 1,000 crore in different phases to optimize its research and development facility in Hyderabad along with the expansion of its stand-alone stores to Tier II markets.
Despite a net income growth of 20 per cent in its net income, Samsung India’s net profit dripped by over 58 per cent in FY 18-19 to Rs 1,540.5 crore according to regulatory filings.
The fourth quarter results for Samsung Electronics are expected to be announced on January 8, 2020.