Samsung promotes two presidents to co-CEO status

KOREAN ELECTRONICS GIANT Samsung has announced that two division presidents will become co-CEOs of the firm, joining vice chairman and CEO Oh-Hyun Kwon as a reward for their divisions' successes.

Hours after Samsung announced its Galaxy S4 handset in a lavish ceremony in New York, the firm made significant changes at the top. Division presidents Boo-keun Yoon and J K Shin have been made co-CEOs, joining CEO Kwon.

According to Samsung, Kwon will not only keep his position in the firm but will also oversee the firm's vital components business. However the firm said the co-CEO appointments of Yoon and Shin is in recognition of their strong performance.

The firm touted Shin's success in growing Samsung's mobile business, saying that under his watch the firm became the leading maker of both mobile phones and smartphones. Yoon on the other hand has overseen Samsung's television business, which the company said has retained its top market position for the past seven years, and will continue to oversee the firm's television and appliance division.

Samsung said, "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."

While Samsung has managed to climb to the top in extremely competitive market conditions, staying there might be even harder. Even though the firm now has three co-CEOs, given that everyone is keeping their existing duties the promotions might be little more than a business card printing exercise. µ