Samsung Electronics Co. Ltd. has named digital media chief Choi Gee-sung as the new CEO to stir the Korean's technology to enforce decision making and make products move faster.
Lee Yoon-woo who was the CEO since May 2008 will continue to be chairman at the company. Jay Y. Lee has been promoted to the new position of chief operating officer. Jay Y. Lee is the grandson of Samsung's founder and the son of the former chairman Lee Kun-hee.
Due to the sluggish economy this year, these new leadership will begin in January. Samsung is the largest manufacturer of memory, LCD monitors and flat screen TVs. The company reported a loss in the last quarter of 2008, but the company rebounded back by reporting revenue in televisions, mobile phones, and small appliances.
The new move will shift the conglomerate operating into seven stand-alone companies under a single corporate entity. The company said the move is aimed at cutting Samsung's decision-making hierarchy to two stages from three, and fostering greater autonomy at the operating level to create "a more focused and responsive" business structure. With all heads of these divisions reporting to Choi Gee-sung and the newly appointed executives.
The conglomerate wants to think long term to continue leading the market and also, making sure the customers' needs are met.
