JY, Who Marked the New Samsung, Empowered Talents Delivering Future Innovation Achievements

Chairman Kim Ki-nam, Vice Chairmen Han Jong-hee and Jung Hyun-ho Promoted

[Asia Economy Reporters Heungsun Kim and Hyeyoung Lee] Samsung Electronics' 2022 regular executive promotion on the 7th is being evaluated as emphasizing 'preparing for the future,' as highlighted by Vice Chairman Jaeyong Lee. While strengthening the global competitiveness of core businesses such as semiconductors, home appliances, and smartphones, the company is interpreted to have empowered personnel who have achieved outstanding results in fields like artificial intelligence (AI), next-generation telecommunications, and software to simultaneously elevate the technological foundation for product innovation. Furthermore, it is expected to strengthen communication with the MZ generation (Millennials + Generation Z), who will be responsible for the group's future, and to foster an organizational culture rooted in creativity and a spirit of challenge.

Promotion of Key Figures Behind Semiconductor and TV 'Super Gap'... Merit-Based Personnel

Kim Ki-nam, promoted to Chairman of Samsung Electronics' Advanced Institute of Technology, rose to the ranks of chairman from a salaried employee based on his achievements as head of the Device Solutions (DS) division, a core business unit of Samsung Electronics. The Advanced Institute of Technology, which he will oversee, is a key organization that researches future technologies linked not only to semiconductors but also to set (finished product) businesses and leads the nurturing of successors. A Samsung Electronics official emphasized, "To lead the Advanced Institute of Technology, which envisions the company's future, one must possess not only outstanding achievements and experience in business divisions but also insight."

Chairman Kim is a developer who led DRAM research and has worked across Samsung Electronics' memory and non-memory semiconductor and display business units. Since he took charge of the DS division in November 2017, Samsung Electronics has achieved remarkable results in the global semiconductor market. As of the third quarter, Samsung Electronics' semiconductor division posted record sales of 26.41 trillion KRW and operating profit surpassed 10 trillion KRW for the first time in three years since the semiconductor supercycle in the third quarter of 2018. Samsung holds the world's number one market share in memory semiconductors such as DRAM and NAND flash. Additionally, it is focusing on investment and technology development aiming to become the global number one in system semiconductors, including foundry (semiconductor contract manufacturing), by 2030. Samsung Electronics explained, "Considering Kim's significant contribution to the semiconductor business's record performance and global number one leap, he was promoted to chairman."

Han Jong-hee, promoted to Vice Chairman and CEO of the Consumer Electronics (CE) division's Visual Display Business Unit, will lead the set division, which integrates CE and IT & Mobile (IM) divisions. He is expected to be responsible for discovering future growth engines such as new businesses and new technologies. Han is a TV development expert who has led the Visual Display Business Unit since 2017, contributing to Samsung Electronics' TV business achieving the world's number one market share for 15 consecutive years until last year. Maintaining the number one position for the 16th consecutive year this year is highly likely. Samsung Electronics stated, "Han is expected to pursue a strategy that maximizes the 'synergy' between IM and CE businesses based on his proven capabilities."

Chosen as the 'Key Man' for Samsung's New Leap
Acceleration in Discovering Future Businesses Expected

Another noteworthy point in this personnel move is the promotion of Jung Hyun-ho, head of the Business Support Task Force (TF) and a close aide to Vice Chairman Jaeyong Lee, to vice chairman. Samsung Electronics is expected to begin preparations for a leap to a new Samsung that responds to changes in the new era, centered on the Business Support TF led by Jung. Currently, the Business Support TF focuses on two functions?strategy and personnel?and discusses common issues between Samsung Electronics and its affiliates while discovering future businesses.

Industry insiders anticipate that Jung's promotion will accelerate the discovery of future businesses, one of the key roles of the Business Support TF. This is also confirmed by Vice Chairman Lee's recent repeated expressions of determination toward the new Samsung.

Earlier, during a U.S. business trip last month?the first in five years since 2016?Vice Chairman Lee stated, "As the map of the future world and industry is being redrawn, our survival environment is dramatically changing," and added, "We cannot overcome this massive transition period by merely 'widening the gap' with companies that are chasing or following us." He emphasized, "Though it will be difficult and painful, let's make the impossible possible, pioneer a future no one has ventured into, and create a new Samsung." At the first anniversary memorial service for the late Chairman Kun-hee Lee in October, he urged, "With a humble heart, let us all move forward together to create a new Samsung and a better future for our neighbors and society."

In August, Samsung Electronics announced an investment plan worth 240 trillion KRW for future preparation and recently decided to build a new foundry plant worth 17 billion USD (approximately 20 trillion KRW) in Taylor, Texas, USA. Recently, it has also announced a personnel system reform plan to respond to changes in the global business environment and lay the foundation for sustainable mid- to long-term growth, concretizing its vision for the 'new Samsung.' The promotion of chairman and vice chairman in this round is expected to accelerate preparations for the future.

This content was produced with the assistance of AI translation services.