Samsung on Thursday has decided to promote Kim Ki-Nam who currently serves as the president and CEO of the Device Solution division to vice chairman, recognized by hi-performance in the chip business, which continues to post records breaking sells throughout this year.
The company has announced two major promotions in the C-level reshuffle, first one is - Kim Ki-Nam to Vice Chairman & CEO and Head of DS Division; previously President & CEO and Head of DS Division. Who now joins Samsung’s top management, consisting of two chairmen and four vice chairmen.
Samsung said the decision was based on Kim's leadership and the major contributions he made to the company's chip business. Kim will continue to lead the Samsung Advanced Institute of Technology as well.
Under Kim's direction, the chip business of the device solutions division saw its operating profit reach 13.65 trillion won (US$12.2 billion) in the July-September period, up 37 percent from the 9.96 trillion won posted in the same period last year, setting a new record.
The second promotion is - Tae Moon Roh, who now stands as President and Head of R&D, Mobile Communications Business; previously Executive Vice President and Head of R&D, Mobile Communications Business.
Samsung said Roh was one of major contributors to the popularity of Galaxy smartphones around the globe, claiming that he will continue to move the company's mobile business to another higher level.
Later on, Samsung also promoted 158 executives, including 13 executive vice presidents, 35 senior vice presidents, and 95 vice presidents. The scale of promotions was reduced from last year’s 221 executives, reportedly as part of ongoing moves to trim the senior group.
The device solutions division, however, had the largest number of promoted executives at 80, based on the division’s performance.
Samsung's change in official structure may become key stability enhancements for its current economic uncertainty in certain business, currently struggling to post any good results in the market and forecasted to stay the same in 2019.