Samsung is becoming so large that it needs more than one CEO to manage the business. The management change, at an annual general shareholders' meeting, resulted in a company with three joint CEOs.
Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930) today promoted two of its top execs to the role of co-CEO, with President Boo-keun Yoon and President J.K. Shin joining Vice Chairman Oh-Hyun Kwon. The new changes mark the contributions to the divisions that the two presidents make to Samsung’s business overall.+
“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,” Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930) said in a brief statement.
The Korean firm told in a statement that under the guidance of Boo-keun Yoon, who heads Samsung’s TV division, company’s TV segment has been able to maintain and solidified its global leadership position after becoming global No. 1 in 2006.
While, J.K. Shin have strengthen the Samsung’s phone division, which can be marked by the launch of the GALAXY S4 yesterday. The company told that, under his guidance, mobile business have grown tremendously and bagged the top spot in smartphones in 2011 and in overall mobile phones in 2012.
The newly promoted executives will keep on working as the head of their respective division. Oh-Hyun Kwon will remain the head of Samsung Electronics’ component division along with continuing as Chairman of the Board of Directors.
The Galaxy S4 maker has been experiencing record-setting quarterly performances, including 76 percent rise in profits for the fourth quarter, this marks the company’s fifth consecutive record quarterly profit. For the fourth quarter, company reported sales of 52.6 billion, which is 19 percent more than the last year. Not to forget, about half of its revenue is contributed by its mobile communications division.
Yesterday, Samsung launched the Galaxy S4, making it the first device from the Galaxy S-series to make its global debut on U.S. soil. The experts and industry watchers were clearly dazzled by its features, setting a high bar for Apple Inc. (NASDAQ:AAPL) to surpass. The Galaxy S4 comes with a feature to pause a video if a person looks elsewhere. The phone can also record the sound to run alongside snapped still pictures.