Samsung Electronics announces new CEO

Samsung Electronics announces new CEO

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South Korean giant, Samsung Electronics on June 7 has reshuffled some of its top team members. The company has named Kwon Oh-hyun as its new chief executive . The new changes have been made in order to keep pace with the ongoing battle with Apple for the supremacy in smartphones.

Kwon is currently the head of Samsung’s components business which looks after the chips and displays. Oh –hyun will be succeeding Choi Gee sung who is now moving to a new role as the head of group corporate strategy to focus on future growth engines.

Samsung said that Jay Lee, the son of Samsung Electronics’ chairman Lee Kun-hee and the group’s heir will remain the chief operating officer. Choi has been the CEO of the group since the year 2010. The company earlier in the month announced that the sales of its range of Galaxy smartphones had topped 50 million.

Samsung also dominates the global memory chip market and is now moving in to non memory or logic chips, which will make the mobile devices work rather than just store the data. By the year 2016, the demand for the system chips used in the smartphones and tablets is set to more than double to $59 billion from $23 billion last year.