Samsung Electronics announces executive reshuffle for 2024

Vice Chairman Jeon Young-hyun [Courtesy of Samsung Electronics]

South Korean tech giant Samsung Electronics Co. announced its regular executive reshuffle for 2024, with the company committing to stability while speeding up its preparations for the future.

The company formed a new business unit dedicated to planning for businesses 10 years down the road while keeping the existing management system under Vice Chairman Han Jong-hee and President Kyung Kye-hyun. It has also accelerated a generational shift in its presidents by appointing one who was born in 1970.

Samsung Electronics made five changes to its team of presidents for 2024 on Monday, including two presidential promotions and three job role changes.

First, the company newly created an organization tasked with future business planning and appointed Vice Chairman Jeon Young-hyun, who previously served as board chair at Samsung SDI Co., as the organization head.

The new business unit will explore brand new business opportunities alongside existing businesses. Jeon has been recognized for his leadership in growing Samsung Electronics’ memory chip and battery businesses to the highest levels globally and has continued to demonstrate his leadership as board chair after taking office as the chief executive officer at Samsung SDI. “Based on our management know-how and future-oriented perspectives, we will continue to discover future growth engines that will bring a paradigm shift within Samsung Group after 10 years,” Samsung Electronics said.

Han and Kyung retained their positions, but a few changes were made to their roles and responsibilities. Han has headed the Device eXperience (DX) division, the Video Display (VD) division, and the Consumer Electronics (CE) division concurrently, but will only keep his title as the head of DX and CE divisions going forward. Kyung will remain head of the Device Solutions (DS) division and serve as president of the Samsung Advanced Institute of Technology (SAIT).

Samsung Electronics plans to maintain the double-headed management system with Han and Kyung at the helm to promote management stability, enhance the competitiveness of its core businesses, and build a foundation for sustainable growth, including developing new technologies.

Yong Seok-woo, left, and Kim Won-kyung [Courtesy of Samsung Electronics]

The two new presidents are Yong Seok-woo, former vice president and deputy head of the VD business at the DX division, and Kim Won-kyung, former vice president and head of the Global Public Affairs Team at the Corporate Management Office within the DX division.

Yong takes over from Han as head of the VD division. He is an expert in television development and was promoted to president for his contributions to TV business growth at Samsung Electronics. Yong, born in 1970, has been leading business growth in various fields such as technology, sales, and strategy since taking office as head of the development team in December 2021 and deputy head of business the following year.

Analysts note that the company’s appointment of an executive born in 1970 signals a generational change in the presidency of Samsung Electronics. “Using this promotion, we will continue to challenge and innovate to solidify our number one position in the TV business and strengthen our technology leadership,” the company said.

Kim, who joined Samsung Electronics in 2012 as a global public affairs expert from the Ministry of Foreign Affairs and Trade, served as head of marketing strategy and North America at the Global Marketing Office, as well as head of Global Public Affairs Team since November 2017.

Previously, the Global Public Affairs Team, which Kim headed as vice president, was under the Corporate Management Office, but it will be elevated to a Global Public Affairs Office. The move comes in response to growing risks in a multipolar world.

Meanwhile, Kim Yi-tae, who has been serving as head of the external relations and head of the global media group, will be start his new role as the chief executive officer at Samsung Venture Investment Corp.

Kim, a former head of international finance at the Ministry of Economy and Finance, joined Samsung Electronics in 2016 as an investor relations executive and has since served as head of strategy and global communications at the Corporate Management Office. “Based on his experience and rich network in the financial sector, we hope he will continue to grow Samsung Venture Investment into a global top-tier corporate venture capital (CVC) firm,” Samsung Venture Investment said.