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's largest promotions focus on agility
Seen are newly appointed executive vice presidents of Samsung. From left are Ko Seung-hwan, executive vice president of the visual display division; Lee Kang-hyeob, executive vice president of the consumer electronics division; and Kim Hak-sang, executive vice president at the company's IT and mobile communications division. Courtesy of Samsung Electronics
By Baek Byung-yeul
By Baek Byung-yeul
Samsung Electronics said Friday that it has conducted its largest-ever set of executive promotions by more than doubling the number of vice presidents to improve the firm's agility in responding to the rapidly-changing business environment amid the impact of the COVID-19 pandemic.
During its personnel management of those in levels below the “C-suite,” the tech giant said it promoted 214 executives, the largest number of promotions since an executive reshuffle conducted at the end of 2017.
Among the promotions, Samsung has named 31 new executive vice presidents as part of its effort to develop the company's future CEO-candidate pool.
“Given the company posted an improved performance compared to last year, despite the business uncertainties that have prevailed amid the COVID-19 pandemic, we increased the number of promotions this year,” Samsung said.
“Specifically, the company has appointed 31 new executive vice presidents, core talented senior employees, who have shown a good business performance and distinguished leadership skills, so that we can increase our future CEO-candidate pool,” the firm added. Samsung also opened its door wider to foreigners and female senior employees in a bid to increase diversity and inclusion.
The large-scale move is also to reward employees as the company recorded a strong performance this year. Its operating profit in the third quarter jumped 59 percent to 12.35 trillion won from 7.78 trillion won during the same period of 2019.
The newly promoted executives include Ko Seung-hwan, executive vice president and head of the company's visual display division's purchasing team.
“Ko introduced a display panel price forecasting system amid the COVID-19 pandemic and decreased uncertainty in the management of our supply chain in each country,” the company elaborated.
Lee Kang-hyeob, executive vice president and head of the strategic marketing team of the company's consumer electronics division, was promoted after being recognized for his efforts to set up marketing plans for the Bespoke brand, a smash-hit home appliance brand created by Samsung.
Kim Hak-sang, executive vice president at the company's IT and mobile communications division, is a professional specialized in developing wireless hardware products. Kim was promoted to the position as he has led the development of Samsung's Galaxy Tab tablet PCs and Galaxy Book laptops.