Multinational electronics Coy, Samsung Electronics has shocked the teeming populace with the announcement of a major restructuring of its management, indicating several changes in leadership.
According to a statement by the company, the heads of its three major business units will be replaced, while the company’s mobile and consumer electronics businesses will merge and become one single entity, with the restructuring producing two co-CEOs.
Samsung, the world largest maker of smartphones, TVs and semiconductors has ambitious investment plans to compete against Taiwan Semiconductor Manufacturing Co. on advanced chipmaking, while it moves to displace other Chinese rivals with phones and other gadgets.
Samsung’s head of the Visual Display business, Jong-hee (JH) Han, has now been promoted to a co-CEO with responsibility for the SET division, having led the company to the top position in TV sales worldwide for 15 years running, with the company stressing that he is “expected to strengthen the synergies among the different businesses in the SET Division and help drive new businesses and technologies.”
The former CEO of Samsung Electronics, Kyehyun Kyung is another co-CEO who will be tasked with leading Samsung’s all-important, highly profitable semiconductors division. Kyehyun had previously worked on Samsung’s flash memory product team and the DRAM design team.
Kyehyun Kyung, who doubles as company’s president lead its chip and components division. Kyung, a semiconductor design expert, having led the company’s flash product and technology team, is expected to help maintain Samsung’s semiconductor leadership and conjure innovative ideas at the same time.
The mobile subsection of Samsung Electronics generated the biggest revenue $24.2 billion for Samsung in the third quarter of 2021, even with its chip business garnering high profit. Its semiconductor business also posted $22.6 billion in revenue, with the spike coming as a result of increasing demand for server DRAMs and for computers in general during the pandemic.
Samsung, the world’s second largest technology company by revenue, with its market capitalization standing at US$520.65 billion, is aiming to become the leading chip contract manufacturer within the next decade, as it has invested several of billions into the business. The company in November announced the building of a $17 billion semiconductor factory in Texas to manufacture high-end and advanced chips for smartphones, 5G and artificial intelligence.
With its assembly plants and sales networks in 74 countries, Samsung Electronics is hoping to break new grounds in its electronic business.
Ayoola Faseyi, an Abuja based Journalist with interest in Technology and Politics. He is a versatile writer with articles in many renowned News Journals.
He is the Co-Founder of media brand, The Vent Republic.
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