Samsung Electronics announced today it has merged its mobile and consumer electronics units and named new co-CEOs to replace its three major divisions leaders, effective starting today (Dec.7), in the company’s biggest shake-up since 2017.
Jong-Hee (JH) Han, head of visual display business, was promoted to vice chairman and co-CEO and will lead the newly merged mobile and consumer electronics unit, which is also called SET division, and continue to head the visual display business.
Han, who played a key role in the company achieving the company’s top position in global TV sales for the last 15 years, is expected to “strengthen the synergies among the different businesses in the SET division and help drive new business and technologies,” Samsung said.
Kyehyun Kyung, CEO of Samsung Elecro-Mechanics, was also named co-CEO of Samsung Electronics and will lead the company’s device solutions (DS) division spanning semiconductor and components units.
The tech giant said the new leadership will help lead “the next phase of the company’s future growth and to strengthen its business competitiveness.”
The consolidation of its two main units, mobile and consumer electronics, is seen as an effort to simplify its structures and focus more on the semiconductor business.
The sweeping reshuffle announcement comes roughly four months after the company’s vice president and de facto leader Jay Y. Lee was released on parole in August.
Samsung announced in November its plans for a $17 billion US semiconductor plant in Taylor Texas, and laid out its $205 billion investment plan, which includes semiconductor, artificial intelligence, robotics, and biopharma, over the next three years.
Kinam Kim, the former vice chairman and head of the DS division, was named chairman of Samsung Advanced Institute of Technology. As part of its reshuffle, the company also named Hark Kyu Park as its new chief financial officer.