Technology.am (Dec 15, 2009) — Samsung Electronics named a new CEO on Tuesday as the company undertakes a major reorganization planned to perk up its competitiveness.
The company named Geesung Choi as CEO. Choi takes over from Yoon-Woo Lee, who will become chairman of the company. Choi formerly served as the chief of Samsung’s digital media division and previously ran its telecommunications equipment unit.
Additionally, after Choi’s appointment, Jay Lee, previously a senior vice president was promoted to executive vice president and will take the recently created post of chief operating officer. Ju-Hwa Yoon, formerly head of Samsung’s corporate audit team, will take the position of chief financial officer.
The changes to Samsung Electronics’ leadership come as the company undergoes a noteworthy reshuffle that will see its different divisions commence operating more like independent companies, each one with their own president and chief financial officer. To achieve this, the company will modify its structure, replacing 10 different divisions that operated under two business groups with a flatter structure comprised of seven independent companies, each reporting straight to the top executives.
The reorganization will see Samsung Electronics move from a structure with three senior decision-making layers to a structure with two, which must let the companies react more swiftly to technological advances and changes in market conditions.