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

QEP Pipeline Assets Bought by Tesoro in a $2.5 Billion Deal
Adidas’s Reebok to Get a $2.2 billion Bid from Investors
Survey Reveals Slow Wage Increases in the U.S
Eurozone’s Low Performance Draw Mixed Reactions
Too much coffee affects fertility among men
Graphic WA Heart Foundation LiveLighter campaign targets obesity
Now, a device that will improve vision
Change in gene can cause depression and ageing
U.S. Economic Growth Gets a Boost with New Home Building
Tesla May not Get an Opportunity to Open Stores in Michigan
Cuban role applauded by Kerry in Ebola fight
Travel restrictions can be caused by rising polio cases