A “Future Business Planning Unit” was established by Samsung Electronics

The South Korean conglomerate Samsung underwent a major reorganization as part of its business strategy. Reportedly, the largest memory chip and smartphone manufacturer in the world, Samsung Electronics, has announced the creation of a “Future Business Planning Unit” as part of its yearly management reorganization. According to reports, Jun Young-hyun, the company’s executive, will serve as the head of the new Future Business Planning Unit.

Currently, Jun Young-hyun is serving as the vice chairman of Samsung SDI Co. Samsung SDI is the company’s display unit. During the reorganization, two co-CEOs, namely Han Jong-hee and Kyung Kye-hyun, retained their serving positions. It was meant to strengthen Samsung’s leadership after Chairman Lee Jae-Yong assumed his service.

Samsung underwent an annual reshuffle

According to the information provided by Yonhap News Agency, the company declares that the new unit will explore new business areas beyond its current operations. During the annual reshuffle at Samsung Electronics, two vice presidents were promoted to the post of president. Previously, Yong Seok-won served in the company’s display division. He will now head the display division as president.

In 2012, Kim Won-kyung joined Samsung Electronics. He will assume his charge as president of Samsung’s global public affairs. The annual shuffle coincided with a faltering semiconductor sector and a worldwide economic crisis, which had a significant effect on Samsung Electronics’ performance. The company’s operating profit in the first and second quarters of the current fiscal year was reportedly KRW 640.2 billion (roughly US$491 million) and KRW 668.5 billion.  Since the first quarter of 2009, these were the lowest quarterly earnings. The company anticipates that the reshuffle will bring in a fresh layer of opportunities that will help the company get back on its path of success.