Samsung announces organizational redesign; names Geesung Choi as new CEO


Samsung Electronics Co

In a Tuesday announcement marking an organizational redesign, Samsung Electronics Co. Ltd. said that its digital media and communications business head, Geesung Choi, is taking over as the CEO of the company. Choi would replace the present Vice Chairman and CEO Yoon-woo Lee, who will continue as Chairman of the Board of Directors.

Other than heading Samsung's Digital Media and Communications Business, Choi has also previously served as President of the Digital Media Business, as well as President of the Telecommunications Networks Business.

The South Korean company - the world's leading maker of memory chips, liquid crystal displays and flat screen televisions - also said that its top customer relations executive, Lee Jae-yong, will be promoted to the newly-created post of Chief Operating Officer.

Further, Ju-Hwa Yoon, the ex-President and head of the Corporate Auditing Team, has been appointed the Chief Financial Officer; and is expected to help the company adopt international accounting standards early next year.

Noting that the changes made to the organizational structure will improve the autonomy of its business divisions, Samsung said that the chiefs of all Samsung Electronics business divisions would report to Choi and the C-suite, with immediate effect.

Samsung elaborated: "The new C-suite provides a more unified and efficient management team, consistent with global business models, and reflecting the executive structures of many leading multinationals."

Latest News

Sources Say ABInBev will Possibly Raise SABMiller Bid to Around 43 to 44 Pounds
William Lewis
Weaker Dollar and Lower U.S Rig Count Help Oil Edge Up
Gold Gains as Investors do not See any Chance of US Rate Hike Immediately
Contract Fees is the Key Reason for Tegna and Dish Spat
A Rise in the Medicare Premiums Could Mean Huge Increase for some and Opportunit
Organization for Economic Co-operation and Development
New Twitter CEO Expected to Cut Costs and Bring Changes
Deutsche Bank Q3 Loss may be a Record One in a Decade
Volkswagen Scandal Worries the City of Wolfsburg
Strong Component Sale and Weak Won help Samsung’s Third Quarter Profits
Is the U.S. Shale Oil Boom Heading Towards the Beginning of Its End?