Samsung Restructures Leadership
Samsung Electronics Co. Ltd., a Seoul, South Korea-based technology company, appointed Geesung Choi as its new CEO as part of an organizational restructuring aimed to increase operating efficiencies and strengthen the independence of the company’s business divisions. Samsung also appointed Jay Y. Lee to the newly created position of chief operating officer and named Ju-Hwa Yoon as chief financial officer. Yoon-woo Lee, who is currently vice chairman and CEO, will continue only as chairman of the board of directors. To establish greater autonomy at the operating level, Samsung also announced it will be adopting a “company system” in which each business unit is managed similarly to a stand-alone company. The new alignments, both organizationally and at the executive level, create a more focused and responsive business structure.