Samsung Electronics (005930) merges consumer, mobile divisions
07:33, 7 December 2021
In a major overhaul to its business operations, South Korea’s Samsung Electronics has decided to merge its consumer electronics and mobile divisions while also making a slew of leadership changes.
Han Jong-Hee will become Samsung Electronics’ vice chairman and co-CEO and will lead the newly merged SET division even as he continues to lead the visual display business. The company’s president Kyung Kyehyun was named co-CEO and will lead the device solutions (DS) division, which encompasses the chip and components manufacturing business of the company.
“JH Han is a leading expert in TV research and development and has played a major role in the company achieving the top position in global TV sales for the 15th consecutive year. He is expected to strengthen the synergies among the different businesses in the SET division and help drive new businesses and technologies,” Samsung Electronics said in a statement on Tuesday.
Next phase of growth
“Kyehun Kyung, who has been the CEO of Samsung Electro-Mechanics, is an expert in semiconductor design, having previously been the head of Samsung Electronics’ flash product & technology team as well as a part of the DRAM design team. He is also expected to help maintain the company’s semiconductor leadership and lead innovation in the components business,” the statement added.
Samsung Electronics said that the changes are aimed at “the next phase” of the company’s future growth and strengthen its “business competitiveness”.
Several other members of the management have also been promoted. Park Yongin, executive vice president of System LSI Sales & Marketing, has been promoted to president and head of System LSI. Park Hark Kyu, president and head of corporate management at the DS division, has been named president and chief financial officer of the division.
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Kim Kinam, vice chairman and head of the DS division has been named the chairman of Samsung Advanced Institute of Technology. Choi KS, executive vice president and head of North America, has been named the president and head of North America Office for the newly merged SET division. Finally, Kang Inyup, president and head of System LSI Business, has been named the president and head of North America Office for the DS division.
Following the announcement, Samsung Electronics’ share price rose 1.44% to close at KRW77,400.