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."