Great companies adapt to changing times. As a conglomerate that's been around for decades, that's something Samsung is all too familiar with. The company's executive team has gradually been incorporating more younger members as the conglomerate seeks to diversify its management team to better respond to current challenges.
An analysis based on its current business reports reveals some interesting insights, particularly about how Samsung's management team has slowly become more youthful, with much younger people now finding themselves in higher positions.
Samsung's positioning itself well for future growth
Maeil Business Newspaper conducted this analysis based on Samsung Electronics' 2023 business report. The company reported that it had 1,163 registered and unregistered executives last year. 10 new executives were added to the management team over the previous year.
The team now consists of one chairman, three vice chairmen, 21 presidents, 371 vice presidents, and 767 managing directors. Even as most of the top executives are still men who are in their 50s, some notable changes have become visible. Bae Bum-hee is the youngest executive at Samsung Electronics. Born in 1985 and currently assigned as a managing director in Samsung's mobile division.
There are now a higher number of executives born in the 1980s as a generational shift is underway to better position Samsung to face the business challenges of this year. In 2022, Samsung Electronics only had 20 executives born in the 1980s, representing 1.7% of the team. That number has since grown to 34 individuals or 2.9% in 2023.
Samsung has similarly increased the number of female executives on its management team considerably, further highlighting that the company views the diversification of its top management as crucial to the ongoing success of the business.
