Samsung appoints two new co-CEOs, management stays the same
updated 02:35 pm EDT, Fri March 15, 2013
Presidents Shin, Yoon join Kwon in CEO position
Samsung has appointed its two presidents as co-CEOs, shortly after revealing its new flagship smartphone, the Galaxy S 4. Company president Boo-Keun Yoon and president J.K. Shin join current CEO and vice chairman Oh-hyun Kwon in the position, a move which will see the three main segments of Samsung's business each being managed by a CEO.
President Yoon will continue to oversee the consumer electronics division of the company, while President Shin will remain in charge of the IT and Mobile communications division. Vice Chairman Kwon continues to manage Samsung Semiconductor, the producer of its Exynos processor line, computer memory, and other components.
The promotions "recognise the strong performance" of President Yoon and President Shin in their appointments, specifically the growth in its TV, smartphones, and mobile phone businesses. The new structure, according to a company statement, will "serve to clarify and enhance independent management of the two set divisions, as well as the independent management of the set and component businesses."
In Samsung's most recent quarterly results, the company had earned an operating profit of $8.3 billion on revenues of $52.7 billion. Consumer electronics revenues had increased year-on-year by 20-percent, posting revenues of 13.1 billion, while the IT and Mobile Communications section hit $5.1 billion in profit from $29.4 billion in revenue.
