Samsung Electronics Conducts Major Executive Reshuffle

SEOUL, Nov 29 (Bernama-Yonhap) -- Samsung Electronics Co conducted a regular executive reshuffle on Friday, promoting a new wave of younger employees to senior positions in a bid to place more focus on high-end technologies and overcome ongoing business challenges, reported Yonhap news agency.

"In response to the current business crisis, Samsung Electronics has adopted a meritocratic approach to human resource renewal, elevating proven talent to leadership roles," the tech giant said in a statement.

"Young leaders with exceptional management performance and growth potential have been selected to boldly tackle uncertainties in both domestic and global markets."

This year, 137 employees received promotions, including 35 new vice presidents and 92 new managing directors. The total number is slightly lower than last year's 143 promotions.

Notably, one newly promoted managing director is in his 30s, and eight new vice presidents are in their 40s.

Earlier in the week, Samsung restructured its semiconductor unit in its leadership shakeup, a critical arm of its business facing mounting competition in the global artificial intelligence chip market.

Jun Young-hyun, vice chairman and head of the semiconductor division, was appointed chief executive officer of the company and will spearhead the memory business. Additionally, vice president Han Jin-man was promoted to president and assigned to lead the struggling foundry business, which has incurred losses amounting to trillions of won.

-- BERNAMA-YONHAP