SEOUL (Reuters) - South Korean technology powerhouse Samsung Electronics named a new CEO on Tuesday and appointed the Samsung Group heir apparent to chief operating officer (COO), as part of an organizational restructuring.
Samsung said it is changing the previous two-business group structure with seven independent companies under a single corporate entity.
In January, Samsung had reorganized itself into two groups that represent components, such as memory chips and LCDs, and set products including televisions and mobile phones.
Choi Geesung, who has headed the set product group — Digital Media and Communications group — was named the new chief executive officer, Samsung said in a statement.
Current Vice Chairman and CEO Lee Yoon-woo continues as chairman of the board.
Samsung appointed Jay Y. Lee, the son of former Samsung Group chairman Lee Kun-hee, to the newly created COO position.
Samsung also said it was strengthening its central “C-Suite” management team to provide more unified control.
The heads of all Samsung business divisions report to Choi and the C-suite.
“We’ve strengthened the C-Suite and created a new executive position - the COO - to help expedite decision making, improve efficiency, and mediate between our business units,” Choi was quoted as saying in the statement.
Shares in Samsung, the world’s top maker of memory chips, televisions and LCD flat screens, fell 0.51 percent at 0051 GMT, compared with the wider market’s 0.3 percent loss.
Reporting by Rhee So-eui; Editing by Jonathan Thatcher