Leading technology company Samsung Electronics Co Ltd (KRX: 005930) announced that it will be merging its mobile and consumer electronics divisions in efforts to simplify its structure and focus on expanding its logic chip business.
This comes as the biggest reshuffle and restructuring by the South Korea based company since 2017 additionally, the company also named new co- chief executive officers signifying a centralized change in the company.
Han Jong-hee, Samsung’s head of visual display business was promoted to vice-chairman and co-CEO, going forward, he will head the newly merged consumer and electronics division simultaneously, he will also continue heading the company’s visual display business.
Kyung Kye-hyun, the chief executive of Samsung Electro-Mechanics (KRX: 009150) was also appointed co-CEO of the company and he will be in charge of the chip and components divisions.
The newly merged divisions vary in terms of their sizes, for the July to September quarter, the mobile business unit reported operating profit of $2.84 billion (3.36 trillion won) while the consumer electronics unit reported 760 billion won.