South Korean tech giant- Samsung Electronics has announced a major shakeup in its top management hierarchy just as it has posted a profit breaking Q3 earnings on Tuesday.
The latest moves come as CEO and Vice Chairman, Kwon Oh-Hyun, announced his intention to step down a few weeks back as he believes that it’s now time for the company to start fresh, with a new spirit and young leadership.
To this end, Samsung has announced the appointments of three new CEOs to take over it three key business divisions. Co-CEO Boo-keun Yoon, or BK Yoon, is relinquishing his position as head of the Consumer Electronics (CE) business, so also is co-CEO in charge of IT & Mobile (IM) business Jong-Kyun Shin.
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Jong-kyun Shin, Boo-keun Yoon, or BK Yoon as well as CEO and Vice Chairman, Kwon Oh-Hyun are expected to vacate as CEOs later in March 2018 when they are also expected to leave the board, but immediately cease to be heads of the respective divisions.
In a similar vein, Samsung also announced that Sang-Hoon Lee with immediate effect ceased to be the company’s chief financial officer, as he has been “recommended by outside Board members to be Chairman of the Board and succeed Mr. Kwon next March.”