Samsung Electronics has announced its new leadership team post the resignation of CEO Kwon Oh-hyun. The company has promoted three executives to co-CEO roles as part of the management overhaul.
Presidents Kinam Kim will head the Device Solutions division while Hyunsuk Kim will oversee the Consumer Electronics division, and Dongjin Koh will be in charge of the IT and Mobile Communications division, succeeding vice chairman Oh-Hyun Kwon, presidents Boo-Keun Yoon and Jong-Kyun Shin respectively.
Kinam Kim has served as the head of Samsung Advanced Institute of Technology; CEO of Samsung Display; head of the Memory, System LSI Businesses and until now was responsible for the overall semiconductor business.
Hyunsuk Kim has expertise in display products, having played a major role in the company achieving the top position in global TV sales for the 11th consecutive year with numerous display technology breakthroughs, according to the statement by the firm.
Dongjin Koh has overseen the development of its flagship Galaxy smartphones with differentiated products and services, based on his vast experience as the previous head of mobile R&D.
The firm said that all new appointments will be effective immediately.
Kwon said, “The next generation of leaders are well suited to accelerate the pace of innovation and address the demands of the connected world. They have proven track records with extensive experience and outstanding expertise in their fields.”
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. “It is an honour and a privilege to have been part of the historic rise of Samsung Electronics. We are confident that our successors will keep the company on its growth path.”
The company also announced that president Sang-Hoon Lee will step down from his role as CFO, effective immediately. Lee has been recommended by outside Board members to be Chairman of the Board and succeed Kwon next March. This would mark the first time that Samsung will separate the Chairman of the Board and the CEO roles.
At the next AGM in March 2018, the three new division heads as well as Lee will join the Board of Directors. The firm said that Kwon, Yoon and Shin will remain as members of the Board until then.