Samsung Electronics launches future business division, maintains two-CEO system

Industry

Published: 27 Nov. 2023, 10:10 Updated: 27 Nov. 2023, 19:40

Samsung Electronics launches future business division, maintains two-CEO system

Samsung Electronics' Seocho office [NEWS1]

Samsung Electronics newly established a division dedicated to future business in its annual reshuffle announced Monday and retained its two CEOs, Han Jong-hee and Kyung Kye-hyun.

"Samsung Electronics will maintain the two-CEO system for management stabilization while fortifying core businesses," the company said in a release Monday.

Kim Won-kyong

The Korean electronics giant promoted two executive vice presidents — Yong Seok-woo and Kim Won-kyong — to presidents in the Monday reshuffle. Yong heads the visual display business, and Kim heads the global public affairs office.

"In order to discover new businesses that are not in an extended line of existing business, [Samsung Electronics] newly established a division dedicated to future businesses," the company said, adding the two promotions will help Samsung maintain global leadership in TV business and respond to global risks and build international networks.

Yong Seok-woo

The new future business division will be led by Jun Young-hyun, vice chairman of Samsung SDI.

The company said Jun's experiences in leading growth in memory chip and battery businesses and insights obtained from it will help Samsung discover "future business that will lead paradigm shift 10 years later."

Han Jong-hee, CEO and vice chairman of Samsung Electronics, leading the device experience, or DX, division, will part with the visual display business but will only lead the home appliance business.

Kyung Kye-hyun, CEO leading the device solutions, or DS, division, will also lead Samsung Advanced Institute of Technology.