Samsung Electronics sets up a 'Future Business Planning Unit'

Business

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Samsung Electronics, the world's largest memory chip maker and smartphone manufacturer, has said that it has set up a ‘Future Business Planning Unit', which is part of the company's annual reshuffle of top-level executives. This new Future Business Planning Unit will be headed by Samsung executive Jun Young-hyun.

Notably, Jun Young-hyun is currently the vice chairman of Samsung SDI Co., a display unit of Samsung Group. In the Samsung Electronics annual reshuffle, two co-CEOs of Samsung, Han Jong-hee and Kyung Kye-hyun, retained their top positions. This move is seen as a way to stabilize the company's leadership after Chairman Lee Jae-Yong took charge.

Two vice presidents were also promoted to the president's post in this reshuffle

In an official statement (via Yonhap News Agency), Samsung Electronics said that “the new unit was created to explore new business opportunities beyond its existing operations.” Moreover, in the reshuffle, two vice presidents were promoted. Yong Seok-woo, who previously served in various capacities at Samsung's display division, was elevated to the president's post and now will lead the display division.

Similarly, Kim Won-kyung, a former diplomat who joined Samsung Electronics in 2012, has been promoted to the position of president of Samsung's global public affairs. The annual reshuffle came at a time of global economic downturn and a struggling semiconductor industry, which has deeply impacted Samsung Electronics' performance.

Apparently, in Q1 and Q2 of 2023, Samsung Electronics posted KRW 640.2 billion (roughly US$491 million) and KRW 668.5 billion in operating profit, respectively. This was the lowest quarterly earnings since Q1 2009. Samsung hopes to breathe fresh air into the company with this reshuffle to get back on track.

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Sagar Naresh

Business Samsung Electronics

Samsung Electronics sets up a 'Future Business Planning Unit'

Two vice presidents were also promoted to the president's post in this reshuffle

Sagar Naresh

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