Samsung appoints two new co-CEOs following Galaxy S4 launch

By on March 15, 2013, 10:34 AM

Fresh off the Galaxy S 4 announcement  in New York City last night Samsung made a few changes to its management structure to help run the ship. The South Korean giant has appointed consumer electronics head Boo-keun Yoon and mobile lead J.K Shin as co-CEOs of Samsung Electronics, and they’ll be serving alongside current vice chairman and CEO Kwon Oh-hyun, who rose to the position last June.

In other words, Samsung Electronics now has three CEOs. But the new leadership structure isn’t expected to significantly alter how things are run in the company. Instead, it’s meant to give some independence and focus to each of Samsung’s flagship divisions with a leader at a functionally equal level in the corporate hierarchy.

Boo-keun Yoon will continue to lead Samsung’s consumer electronics business while J.K. Shin manages the mobile end of the company’s operations. Kwon will be in charge of the component business, Samsung Semiconductor, which produces the Exynos line of mobile processors among other things.

"The new appointments recognize the strong performance of President Yoon and President Shin. Under President Yoon, Samsung's TV business maintained and solidified its global leadership position after becoming global No. 1 in 2006. Under President Shin, Samsung's mobile business posted significant growth and attained global No.1 position in smartphones in 2011 and in overall mobile phones in 2012," reads the press release.

Indeed, Samsung has been enjoying a successful run the last few years. Back in January, the company reported sales of $52.6 billion for the fourth quarter of 2012, with profit up 76% to $6.6 billion, marking its fifth consecutive record quarterly profit. Nearly half of its revenue comes from the mobile division.

The South Korean firm is currently leading smartphone sales worldwide, and is catching up to Apple in the U.S. with 21.4% of the market versus Cupertino’s 34.3%, according to comScore’s January figures.




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