Baek Byung-yeul is a journalist at The Korea Times focused on cultural content, including films and cultural events in South Korea. You can contact him at baekby@koreatimes.co.kr to share your insights.
Samsung retains top CEOs, launches unit to prepare for future
From left are Han Jong-hee, vice chairman and co-CEO of Samsung Electronics' device experience division, Kyung Kye-hyun, also co-CEO of the device solutions division, who retained their posts as CEOs, and Jun Young-hyun, who served as vice chairman of Samsung SDI and has now been appointed vice chairman and head of the newly established Future Business Planning division during an executive reshuffle, Monday. Courtesy of Samsung Electronics
By Baek Byung-yeul
Samsung Electronics has recently established the Future Business Planning unit to help the company explore new business opportunities for future growth. At the same time, the company will continue to maintain its CEO system — which is divided into two sectors: one for semiconductors and one for consumer devices — in its annual reshuffle of executives, Monday, adding that the move aims to strike a balance between future challenges and management stability in an uncertain business environment.
In the regular reshuffle of top executives, Samsung announced the promotion of two presidents and the appointment of three executives with new responsibilities. This reshuffle, which came about a week earlier than its usual December reshuffle, is seen as an effort to overcome this year’s lower-than-expected performance and achieve a turnaround next year.
Samsung said there will be no changes to the two-top CEO system which consists of Han Jong-hee, vice chairman and CEO of the device experience division, and Kyung Kye-hyun, CEO of the device solutions division. They are responsible for consumer products such as TVs, smartphones and home appliances, as well as semiconductors. Kyung also serves as the head of Samsung's R&D unit, the Samsung Advanced Institute of Technology (SAIT).
Notably, Samsung's newly established Future Business Planning unit, a vice chairman-level organization, will explore new businesses that are not in line with its existing businesses. The unit is responsible for identifying future growth areas from a long-term perspective. Jun Young-hyun, vice chairman of Samsung SDI, will lead this division.
The vice chairman has served in both Samsung Electronics’ memory chip and Samsung SDI’s battery businesses. Based on his experience, he is expected to demonstrate leadership in pursuing new businesses. Given Samsung has been focusing on nurturing biotechnology, AI and automotive electronics as future growth areas, Jun is also expected to make bold investments or mergers and acquisitions in these areas.
"Having played a pivotal role in achieving global excellence in Samsung's memory semiconductor and battery businesses, Jun has continued to demonstrate leadership as the chair of the board after serving as CEO of Samsung SDI,” Samsung said. “Based on his accumulated management know-how and future-oriented vision, he is expected to lead the exploration of future growth opportunities that will transition Samsung's paradigm in 10 years."
In addition to launching the future business unit, Yong Seok-woo, executive vice president and deputy head of the visual display division, was promoted to president of the division, while Kim Won-kyong, executive vice president, was promoted to president and head of the global public affairs division.