The Korean tech giant Samsung, on Tuesday, announced the merger of its electronics & consumer divisions with the goal to simplify its structure and focus on growing its semiconductor chip business.
What followed suit was a major shift in leadership in which the company’s three major division leaders were promoted to new co-CEOs, effective today i.e. 7th December, according to a Reuters report.
As part of this new leadership, Jong-Hee Han, head of visual display business got promoted to being the vice chairman and co-CEO. He had played a key role in maintaining the company’s top position in global TV sales for the last 15 years and as part of this new role, he will now lead the newly merged mobile and consumer electronics unit, called the SET division, while simultaneously leading the visual display business.
Kyehyun Kyung, CEO of Samsung Elecro-Mechanics, also got promoted to co-CEO and will now lead the company’s device solutions (DS) division, which focuses on semiconductor and components units, as part of his newly appointed position.
In November, Samsung also announced its plans for a $17 billion US semiconductor plant in Taylor Texas, and further laid out a $205 billion investment plan in an effort to cater to the problems of rising raw material prices, logistics difficulties, and growing competition from both China and the United States.
Kinam Kim, the former vice chairman and head of the DS division, was named chairman of Samsung Advanced Institute of Technology. As part of the reshuffle, the company also named Hark Kyu Park as its new chief financial officer.
