Samsung has announced a major organizational restructuring that has made way for a new CEO, COO and CFO. Geesung Choi has been named as the new President and CEO of Samsung Electronics while the current Vice Chairman and CEO, Yoon-woo Lee will now act as a Chairman of the Board of Directors.
Jay Y. Lee has been named as the Chief Operating Officer (COO) and Ju-Hwa Yoon as Chief Financial Officer (CFO).
Samsung has also reorganized its company structure and will adopt the company system. In this system each business unit will be managed like a stand-alone company with its own President and CFO.
Previously, Samsung businesses were segregated into two – Digital Media & Communications and Device Solutions but now will be operated under the same corporate entity with seven different companies.
Samsung reckons such structure will enable them to create greater autonomy at the operating level and also reduce the decision making hierarchy from three to two stages.
In other related news, Samsung Electronics has decided to absorb Samsung Digital Imaging and operate under the main brand. The union if approved, will allow Samsung to use SDIs optical technology and apply to other businesses while SDI will be able to benefit from Samsung Electronics’ global marketing and sales network.
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