A few weeks after Samsung reported disappointing third quarter results, with operating profit falling to its lowest level in more than three years, the company is mulling a major change in leadership. According to a Wall Street Journal report, Samsung's co-chief executive and mobile head J.K. Shin could be removed from his current role at the helm of the company's mobile business, which in turn would also result in him losing his co-CEO role.

He is expected to be replaced by B.K. Yoon, another co-CEO who oversees Samsung's home-appliance and television business. The report notes that the move would not only allow the South Korean company to better streamline its management, something which would help it respond to rising competition from Chinese smartphone makers, but would also help the company better compete in the connected home market, given that Yoon has been a major driving force behind Samsung's push in this direction.

That is one scenario, probably one of many that Samsung is considering. For example, in another scenario, the company's third co-CEO, Kwon Oh-hyun, who is in charge of components like semiconductors and display panels, would continue with his current role, the report says.

In addition, Samsung is also working on a succession plan following the hospitalization of the company's chairman Lee Kun-hee back in May this year. His only son and the company's current vice chairman Jay Y. Lee is expected to take up the role.