South Korean giant Samsung Electronics has announced today that it is undergoing an internal reorganization of its businesses, with changes in the leadership set to take place.
The company will now have two new CEOs taking care of two divisions, namely the Device Solutions, consisting of the semiconductor business and the SET division, which is a new division consisting of TVs, mobiles and consumer electronics.
This comes after a major shift in 2017 for Samsung when the company chose three new leaders to head the three different divisions at that time.
Why is Samsung Changing its Organizational Structure?
Coming back to 2021, Jong-hee (JH) Han who is currently the head of the Visual Display business is now going to be a co-CEO taking care for the SET division.
This comes as Samsung credits him with leading the company to the top in terms of TV sales for 15 years, stating that he is “expected to strengthen the synergies among the different businesses in the SET Division and help drive new businesses and technologies.”
The second CEO is Kyehyun Kyung, who was earlier the CEO of Samsung Electro-Mechanics. He has history in working on Samsung’s flash memory product team as well as the DRAM design team in the past, but will now take care of Samsung’s top-tier, hugely profitable semiconductors division.
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Will this Move Be Beneficial in Any Manner for the South Korean Giant?
In addition to all of this, the company has also named new heads for the North American offices for both of these divisions, as well as a new CFO in the form of Hark Kyu Park. This shakeup will likely streamline the structure of Samsung, so as to divide it into consumer products and components.
The other changes in the structure for the business are as follows
- Yongin Park, named President and Head of System LSI Business; previously Executive Vice President and Head of System LSI Sales & Marketing
- Hark Kyu Park, named President and Chief Financial Officer; previously President and Head of the Corporate Management Office, DS Division
- Kinam Kim, named Chairman of Samsung Advanced Institute of Technology; previously Vice Chairman and head of the DS Division
- KS Choi, named President and Head of North America Office for SET Division; previously Executive Vice President and Head of North America Office
- Inyup Kang, named President and Head of North America Office for DS Division; previously President and Head of System LSI Business