The technology manufacturer reported a third quarter operating profit of $12.91 billion (₩14.5 trillion) driven by $896 million (₩10 trillion) in operating profit from its chip business. The memory chip "supercycle" of tight supply and strong demand will only continue as more electronic devices require stronger processing power, according to a separate CNBC report. However, despite the record-breaking financial results, leadership changes are taking place at the company. Kinam Kim will replace Samsung's Vice Chairman and CEO Oh-Hyun Kwon, who announced earlier this month that he would step down from management. Hyunsuk Kim will replace Boo-Keun Yoon as president and head of the consumer electronics division and Dongjin Koh will take over from Jong-Kyun Shin as president as head of the IT and mobile communications sector. Samsung's CFO Sang-Hoon Lee will also leave his post, effective immediately.