Samsung announces reshuffle to weather the economic crisis

Samsung announces reshuffle to weather the economic crisis
The Samsung Group has announced its biggest ever reshuffle and has merged its four business divisions into two, in a bid to rise above the economic crisis.

The company has also replaced or promoted 25 chief executives at its affiliate companies. Samsung’s mobile phone head and president, Choi Gee-sung, will lead the new digital communication division for the merged consumer electronics and mobile phones arm.

The Samsung Group said in a statement: ‘Younger and more innovative executives were chosen in order to overcome the present economic crisis.’

It said it would also cut the salaries of its executives by 10% to 20% to ‘share the burden amid the current economic crisis’.

Samsung’s other two divisions – semiconductors and liquid-crystal displays – will be merged into the Device Solution division, which will be headed up by Samsung Electronics vice chairman and CEO, Lee Yoon-woo.

The changes mirror those of LG, which announced earlier this month that it had restructured its business units, in a move that saw its mobile communications division’s executive vice president and ceo, Skott Ahn, promoted.


Written by Mobile Today
Mobile Today

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