Samsung Electronics appoints new CEO
Samsung Electronics Co. Ltd., one of the world’s leading technology
companies appointed Geesung Choi as its new CEO, as part of an
organizational restructuring aimed to increase operating efficiencies
and strengthen the independence of the company’s business divisions.
Samsung also enhanced its C-suite by appointing Jay Y. Lee to the
newly created position of Chief Operating Officer and Ju-Hwa Yoon as
Chief Financial Officer. Yoon-woo Lee, currently Vice Chairman and CEO,
continues only as Chairman of the Board of Directors.
To establish greater autonomy at the operating level, Samsung also
said it will be adopting a “company system” in which each business unit
is managed similarly to a stand-alone company. The new alignments, both
organizationally and at the executive level, create a more focused and
responsive business structure.
“Samsung has recovered well over the past year, thanks to Yoon-woo
Lee’s leadership and a measured response to the global financial
crisis,” said Choi, the incoming CEO. “With this forward momentum, we
believe now is the time for us to make these important organizational
changes to prepare for the challenges and opportunities ahead.”
Samsung’s consolidated operating profit for the first nine months of
this year has reached 7.22 trillion Korean won (US$6.08 billion as of
end of September 30) on sales of 97.05 billion won (US$81.69 billion as
of end of September 30). This compares with a full year 2008
consolidated operating profit of 6.03 trillion won (US$4.8 billion) on
sales of 121.29 billion won (US$96.5 billion).
Effective immediately, the heads of all Samsung Electronics business
divisions report to Mr. Choi and the C-suite. 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.
“Our renewed profitability enabled us to think long-term - to make
sure we can continue leading the market,” Mr. Choi said. “As a result,
we’ve strengthened the C-Suite and created a new executive position -
the COO - to help expedite decision making, improve efficiency, and
mediate between our business units, ensuring that they work well
together in meeting our customers’ needs.”
SEOUL, (BSW)
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