There could be major changes on the way for Samsung if a proposed reshuffle of its top executives goes ahead.
The Wall Street Journal reports that the South Korean technology company is considering replacing some of its top executives as it tries to turn around the company’s fortunes.
The man in charge of Samsung’s smartphone division, J.K. Shin, could soon be ousted from his role, with control handed over to B.K. Yoon, who runs the company’s home appliance and television division.
Samsung has seen a disastrous collapse in its smartphone sales. It announced in its Q3 earnings call that operating profits fell 60% from the previous year. The company also declared that it was changing its smartphone strategy to concentrate on cheaper models after it was comprehensively beaten in the high-end market by Apple. A senior executive even admitted during the call that high-end sales were “somewhat weak.”
If the reshuffle goes ahead, smartphone boss J.K. Shin will lose his co-CEO role. Samsung has an unusual structure at the top that includes three co-CEOs, after Shin and Yoon were promoted in 2013. Above them is Samsung’s Chairman, Lee Kun-hee. The Lee family has presided over Samsung for two generations, and the chairman’s son, Jay Y. Lee (pictured above), is expected to assume the role.
There aren’t just changes on the way in Samsung’s head office, though. The Wall Street Journal also reports that Samsung’s UK division is in need of a mobile chief after Simon Stanford left earlier this year, and his successor lasted only two months before leaving as well.
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