Posted December. 02, 2014 07:22,
Samsung Group has retired three of five mobile division chiefs of Samsung Electronics.
It opted to retain Shin Jong-kyun, head of IT and mobile communications division, while letting go the division`s marketing chief Lee Don-joo, development center chief Lee Chul-hwan and global operations chief Kim Jae-kwon. It sought stability rather than radical change, at the same time calling those responsible for earnings decline. Samsung Futures CEO Kim In-joo who faced disputes of having earned huge capital gains from the listing of Samsung SDS was relocated to Samsung Economic Research Institute as strategy chief.
Samsung unveiled Monday a modest reshuffle, elevating three executives to CEO ranks and one to vice president, the lowest number in company annual reshuffle record. As expected, there were no promotions for Samsung Group Chairman Lee Kun-hee`s son and two daughters. Shin and his two co-chief executives, Kwon Oh-hyun and Yoon Boo-keun, who head semiconductors and home appliance/TVs respectively, retained their position.
Though the promotions were minimal, the conglomerate maintained the principle of rewarding those reaping good performance. Kim Hyun-suk, vice-president of visual display who lead the company rank No. 1 in global TV market for the ninth year, has promoted to president, and Jun Young-hyun, vice-president of memory chips unit that reaped record profits, has become president. Lee Yun-tae, vice-president of the LCD business, has also become the president of affiliate Samsung Electro-Mechanics.
Elderly high-ranking executives suffered replacements. Vice Chairman Kang Ho-moon, who had presided over external relations of Samsung Electronics on behalf of Chairman Lee, stepped down. Samsung SDI CEO Park Sang-jin succeeded position, but was not promoted to vice chairman.