Saturday, 18 August, 2018

Samsung Names Three New CEOs for Three Key Divisions

A steady sale of low-end phones including the Galaxy J series contributed to a good show of Samsung Electronics’ smartphone revenue A steady sale of low-end phones including the Galaxy J series contributed to a good show of Samsung Electronics’ smartphone revenue
Sherri Watson | 02 November, 2017, 10:42

"It is an honour and a privilege to have been part of the historic rise of Samsung Electronics".

Samsung said that while the three former business division heads will not be involved in business management, they will still "leverage their knowledge and insight" to advise the current managerial team.

Kinam Kim has been appointed as head of the device solutions division, taking over from Oh-Hyun Kwon, who recently announced his resignation.

Co-CEO Boo-keun Yoon or known as BK Yoon (head of the Consumer Electronics) and co-CEO Jong-kyun Shin or JK Shin (Heads the IT and Mobile business) are resigning altogether from their co-CEO roles.

Having joined the Company in 1981, Kinam Kim is an IEEE fellow award victor and renowned authority in semiconductors, having served as the head of the Samsung Advanced Institute of Technology.

Separately, Sang-Hoon Lee will leave his position as CFO, effective immediately, and has been recommended by outside board members to be chairman of the board (succeeding Kwon) next March. President Kim Hyun-suk was named to head consumer electronics, while President Koh Dong-jin was tapped as the new head of the IT and mobile division.

Jay Y. Lee was convicted in August and jailed for five years for bribing the country's former president, raising concerns of a leadership vacuum at Samsung Electronics.

"Samsung's ultimate goal is to ensure its long-term dominance in the market in terms of having an enormous production capacity and being ahead of its competitors' technologies by one to two years", it said. The changes were effective immediately.

In a joint statement, Yoon and Shin said that they have made the decision to follow Kwon's earlier announcement to resign, making way for new leaders.

Tim Baxter was also promoted to president, and will continue to serve as CEO of Samsung Electronics America.

The moves come after Samsung Electronics CEO and Vice Chairman Kwon Oh-hyun announced on October 13 that he planned to step down from management.