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Samsung Electronics Ltd. unveiled its new unit that will focus on the exploration of new business opportunities for the company’s future growth. This new group will work directly under Chairman Lee Jae Yong.
Samsung Electronics set up the Future Business Planning division to aid the company in seeking mergers and acquisitions (M&A) and creating strategies for advancement. The South Korean electronics giant revealed it will also keep its co-CEO management scheme, thus its top CEOs are staying amid the organizational changes following the annual reshuffle of its top-level executives.
As per The Korea Times, the company will maintain its CEO system, which has two segments - for semiconductors and for consumer devices. Samsung said it decided to retain this system to attain a balance between future challenges and management stability amid the unpredictable business environment today.
Facts About Future Business Planning Unit
The newly established unit will be headed by Jun Young Hyun, a veteran executive at Samsung Electronics. Currently, he is the vice chairman of Samsung SDI Co. In a statement, the firm said the Future Business Planning unit was "created to explore new business opportunities beyond its existing operations."
Jun was selected based on his experience and was expected to show the kind of leadership he is known for in the quest for new businesses. As he leads the new business planning unit, he is also expected to make decisive investments or M&As in the fields of artificial intelligence (AI), biotechnology, and automotive electronics.
"Having played a pivotal role in achieving global excellence in Samsung's memory semiconductor and battery businesses, Jun has continued to demonstrate leadership as the chair of the board after serving as CEO of Samsung SDI,” the company stated on Jun’s appointment as head of its new division. “Based on his accumulated management know-how and future-oriented vision, he is expected to lead the exploration of future growth opportunities that will transition Samsung's paradigm in 10 years."
Continuing with the Co-CEO Set Up
The consumer electronics manufacturer held its annual reshuffle this week, and while there were changes in leadership among the executives, the company retained Han Jong Hee and Kyung Kye Hyun as co-CEOs at Samsung Electronics.
The Korea Economic Daily reported that the two-chiefs system is intact to ensure stability. Han and Kyung were appointed in December 2021 via reshuffle, and they will continue to co-lead the group as it moves forward to find new ventures as Samsung Electronics prepares for the future.
Photo by: Samsung Media Library
