Samsung shakes up mobile and consumer electronics divisions, names new CEOs
It’s sometimes easy to forget how massive Samsung is as a corporation, with divisions for consumer electronics, shipbuilding, construction, life insurance, theme parks, advertising, and much more. Samsung Electronics is the main money-maker of the group, but it’s currently undergoing a corporate shuffle with the goal of integrating its products.
Samsung Electronics said on Tuesday (via CNBC) that it will merge its mobile and consumer electronics divisions, to simplify the company’s structure and help accelerate the development of its logic chips, such as Exynos products. The new merged division will include mobile and consumer electronics, as well as TV production.
The shakeup comes after Vice Chairman Jay Y. Lee (also known as Lee Jae-yong) resumed management of Samsung, after being released on parole in August following a bribery conviction. Samsung Electronics has also named new co-CEOs: Han Jong-hee, head of Samsung’s visual display business, and Kyung Kye-hyun, CEO of Samsung Electro-Mechanics. The company has also picked Chung Hyun-ho as a vice chairman, who will lead a “task force” for decision-making in Samsung Electronics and affiliated companies, according to industry analysts. Samsung Electronics hasn’t picked new CEOs since late 2017.
Samsung has been making other moves recently to bolster its chip production. The company announced last month that it plans to build a $17 billion semiconductor factory outside of Austin, Texas, which aims to open in the second half of 2024. The new factory aims to help reduce global chip shortage, and could help U.S. President Biden’s goal of diversifying chip production. Intel also announced it would build factories in the United States earlier this year, both located in Arizona, which will manufacture chips for both Intel and third-party companies.
Outside of corporate and supply chain news, Samsung is expected to release the Galaxy S22 series soon, as well as the (seemingly) delayed Galaxy S21 FE. New render images also indicate the Galaxy Tab S8 series could arrive within the next few months.