A new post of Chief Operating Officer has been created within Samsung Electronics for Jay Y. Lee, son of former Chairman Lee Kun-hee as part of a second management reshuffle in less than a year. Geesung Choi is its new CEO, while Ju-Hwa Yoon is appointed Chief Financial Officer. Yoon-woo Lee, currently Vice Chairman and CEO, continues only as Chairman of the Board of Directors.
“Our renewed profitability enabled us to think long-term - to make sure we can continue leading the market,” Mr. Choi said. “As a result, we've strengthened the C-Suite and created a new executive position - the COO - to help expedite decision making, improve efficiency, and mediate between our business units, ensuring that they work well together in meeting our customers' needs.”
A new management structure has also been implemented in an attempt to ensure faster decision making within the divisions, which is claimed to improve autonomy of the units.
“Samsung has recovered well over the past year, thanks to Yoon-woo Lee's leadership and a measured response to the global financial crisis,” commented Choi, the incoming CEO. "With this forward momentum, we believe now is the time for us to make these important organizational changes to prepare for the challenges and opportunities ahead."