Samsung Group revealed its annual management changes at its divisions today. The group said that its top executives at Samsung Electronics Co. will be left intact at their current positions, as the company has recently been trying to swing back to profit again.
Claire Kim, an analyst at Daisin Securities Co., commented on the companys decision for Bloomberg: “Samsung’s decision to retain the top executives at their current posts, despite many rumors, is a signal that the company will focus on inner stability rather than point fingers. The announcement is also a signal that Lee Jae Yong has decided to empower the three CEOs and support them as they help him through the restructuring process.”
The management reshuffle is considered quite modest, and it also leaves almost all key division executives at their current positions. Some of Samsungs shareholders have expressed their opinion that the company should have taken more radical steps to face its declining profits and market share.
Samsung said that J.K. Shin, who has been a head of its mobile business, B.K. Yoon – a chief of its consumer electronics division and, the Chief Executive Officer of its component business, Kwon Oh-hyun, will keep their jobs.
The Chief of corporate communications at the Corporate strategy Office of the company, June Lee, said during a briefing with reporters, cited by the Wall Street Journal: “J.K. Shin has made big contributions in making Samsung Electronics the No. 1 maker of mobile phones. The scope of personnel reshuffling is narrower than it has been before.”
The South Korea-based company also preferred to keep the Chief Executive Officer of its mobile unit – Shin Jong-kyun, who has faced a lot of pressure lately, due to a quick profit decline of the smartphone business.
According to people with knowledge of the situation, the President and head of sales and marketing of the mobile unit, D.J. Lee, is to leave the company. It is not yet clear who will succeed him at the position. Mr. Lee himself refused to make comments on the matter, when reached by phone.
Samsung Electronics Co. was up 0.62% to close at KRW 1 295 000 per share today. The company is valued at KRW 213 526.50 billion.
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