Following Corruption Scandal Samsung Names Three New CEOs

Three presidents at electronics giant Samsung were promoted to Co-CEOs following the bribery scandal involving the South Korea based company.

In a move that surprised many, tech giant Samsung announced late on Monday that three presidents – Kim Hyun-suk, Koh Dong-jin and Kim Ki-nam – were promoted to Co-CEO roles.

The three previous leaders Kwon Oh-hyun a former Vice Chairman, and Shin John-kyun and Yoon Boo-keun former Presidents were succeeded by the new Co-CEOs in the new management structure the South Korean electronics giant announced Monday.

The three will serve as the heads of the consumer electronics, IT and Mobile and device solutions divisions respectively.

The moves arrive amidst a big recovery for the electronics company, which has been hit over the past few years with an embarrassing and expensive recall of the Galaxy Note 7 as well as saturation in the worldwide smartphone market.

Hours prior to the changes in management being announced, Samsung posted its biggest operating profit in history, as it was the benefactor of strong demand for memory chips as well as other components.

While the company is benefiting from the strong demand for its components, there are market watchers that say it has been very slow in adapting to new technologies such as augmented reality and artificial intelligence.

It is also facing heightened competition from companies such as Apple in the premium smartphone market, and other Chinese vendors that are up and coming like Huawei.

Two of the three new CEOs are familiar to those that follow Samsung. Koh, who will head the mobile unit, has run the day to day operations effectively for that part of the business the last two years. He was who launched Galaxy S7, which gave new lift to the then struggling Samsung mobile business, but he also was in charge of the embarrassing Galaxy Note 7.

Kim Hyun-suk, who will head the consumer electronics arm for Samsung, has been in charge of the display business at the company since December of 2011. He has worked with Samsung since 1992 and has been its leader in the development of the flagship television lineups for Samsung the last ten years.

Since 2014, Kim Ki-nam has been the semiconductor business president at Samsung and started with the company in 1981 and has been a key player in the developing of the company’s memory technologies for its NAND and DRAM flash products.

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