Samsung Electronics just announced it's switching to a multiple-CEO system, pushing up Presidents Boo-keun Yoon and JK Shin (who we just saw on stage at the Galaxy S 4 press conference) in recognition of their strong performance. Vice Chairman, Chairman of the Board of Directors and current CEO Oh-Hyun Kwon isn't leaving the position he attained last summer however, and will continue to oversee the company's component business. Meanwhile, Yoon will continue his job overseeing the consumer electronics division that makes TVs and appliances, while Shin runs the IT and mobile phone business. Letting each run their own ship seems like an odd move, however we suppose when you're raking in $8 billion+ in profits in a quarter, you can afford to try a few different things, and they're still looking up to Samsung Group chairman Lee Kun-hee. Still, there was a time when each unit operating so independently was seen as a problem.
Samsung Electronics Appoints New Co-CEOs
- President Boo-keun Yoon and President J.K. Shin appointed as CEOs of Samsung Electronics
- in addition to current Vice Chairman and CEO Oh-Hyun Kwon
- New leadership to enhance independent management of set and component businesses
SEOUL--(Korea Newswire) March 15, 2013 -- Samsung today announced the appointment of President Boo-keun Yoon and President J.K. Shin as co-CEOs of Samsung Electronics Co., Ltd. following the company's annual general shareholders' meeting.
Vice Chairman Oh-Hyun Kwon will retain his position as CEO and Chairman of the Board of Directors. He will also continue to oversee Samsung Electronics' component business.
The new appointments recognize the strong performance of President Yoon and President Shin. Under President Yoon, Samsung's TV business maintained and solidified its global leadership position after becoming global No. 1 in 2006. Under President Shin, Samsung's mobile business posted significant growth and attained global No.1 position in smartphones in 2011 and in overall mobile phones in 2012.
Mr. Yoon will continue his role of overseeing the Consumer Electronics Division, which includes TV and appliance products. Mr. Shin will remain in charge of the IT & Mobile Communications Division.
The new leadership structure will serve to clarify and enhance independent management of the two set divisions, as well as the independent management of the set and component businesses.
News Source: Samsung Electronics