by Anton Shilov
03/15/2013 | 05:00 PM
The history knows a number of cases when companies had two co-CEOs, specializing in different areas of business. Now, Samsung Electronics has become the first high-tech company in the world that will have three co-CEOs, which should emphasize importance of certain business areas for the conglomerate.
Samsung has announced the appointment of president Boo-keun Yoon and president J.K. Shin as co-CEOs of Samsung Electronics following the company’s annual general shareholders’ meeting. Vice chairman Oh-Hyun Kwon will retain his position as CEO and chairman of the Board of Directors. He will also continue to oversee Samsung Electronics’ component business.
The new appointments recognize the strong performance of the two executives in their business areas. Under president Boo-keun Yoon, Samsung’s TV business maintained and solidified its global leadership position after becoming global No. 1 in 2006. Under president J.K. Shin, Samsung’s mobile business posted significant growth and attained global No.1 position in smartphones in 2011 and in overall mobile phones in 2012.
Mr. Yoon will continue his role of overseeing the consumer electronics division, which includes TV and appliance products. Mr. Shin will remain in charge of the IT & mobile communications division.
The new leadership structure will serve to clarify and enhance independent management of the two set divisions, as well as the independent management of the set and component businesses, Samsung said.