Samsung appoints two new co-CEOs

 

A few days back we had reported that Google was changing their internal infrastructure for improving efficiency and increasing the pace of executing things. Now, its Samsung who is busy making changes within the company’s board.

Samsung CEO

 

Just after the company revealed its much awaited Galaxy S4 smart phone, the official spokesperson announced that the company has appointed its two presidents as co CEOs of the company. The two presidents, Boo-Keun Yoon and J.K. Shin join as the company’s co CEOs along with Oh-hyun Kwon, Samsung’s current CEO.

This move would enable the company to manage its three segments with each CEO, handling the operations of a segment. Oh-hyun Kwon would continue as the CEO of the company and the chairman of the company’s board of directors. President Shin will take care of IT and telecommunications division while Chairman Kwon will look after the company’s semiconductor division which includes the company’s exynos processor lineup. President Yoon will continue as the head of the company’s consumer electronics division which includes TV and appliance products.

In a statement by the company, Samsung explained, “the new leadership structure 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.”

Moreover, the promotions recognize the performance of the President Yoon and President Shin in their respective appointments in the TV and smart phone business of the company. It is also worth noting that the company became the world’s number one smart phone manufacturer under the guidance of President Shin back in 2011.

Just after the company released their flagship device, Galaxy S4, the new CEO in an interview with the Wall Street Journal stated that the company was unhappy with its market share in US. Shin also added that in Europe windows products have lackluster demand and the market preferred android over windows devices.

In the recent quarterly results of the company, the consumer electronics department has recorded a year on year growth of 20% by generating revenue of $ 13.1 billion. Even as some analysts suggest that Apple might take over Samsung in the coming years, with the growth recorded by the company in the past few years, we don’t expect that to happen anytime soon, not at least in this year.

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