Samsung shuffles its top executives

SAMSUNG HAS DECIDED to use the quiet festive season to clean out its offices, starting with changes in top level appointments and a revamp of how the business operates.

Under the directive of increasing operating efficiencies and strengthening the independence of the company's business divisions, the electronics firm will now be led by Geesung Choi as its new CEO, previously president and head of the Digital Media and Communications Business. Choi takes over from current vice chairman and CEO Yoon-woo Lee, who continues on as chairman of the board of directors.

"Samsung has recovered well over the past year, thanks to Yoon-woo Lee's leadership and a measured response to the global financial crisis," said Choi.

"With this forward momentum, we believe now is the time for us to make these important organisational changes to prepare for the challenges and opportunities ahead."

Furthermore, Jay Lee has been appointed to the newly created position of chief operating officer, leaving his current role as chief customer officer and vice president of Strategic Planning.

Meanwhile Ju-Hwa Yoon, formerly head of the Management Support Team, takes on the mantle of chief financial officer.

"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, ensuring that they work well together in meeting our customers' needs," explained Choi.

The shake up is not restricted to the top level, as Samsung is also implementing a new company system in which each business unit is managed similarly to a stand-alone company with its own president and CFO, reporting directly to Choi.

Outside Korea, subsidiaries responsible for components such as semiconductors and LCD panels will continue to operate as fully independent entities separate from Samsung's IT and consumer electronics subsidiaries.

Choi reckons this restructuring will help make Samsung more like other multinational companies and make for a sleeker and cheaper operation all around. µ