Samsung Commences Its Biggest Shake-up In Four Years

Samsung Electronics has commenced its biggest year-end reshuffle in four years, with executives of the highly profitable semiconductor business getting the most promotions.

The South Korean tech giant promoted 221 senior executives, it said, the most since 227 back in 2013.

Due to chairman Lee Kun-hee's heart attack, 165 executives were promoted in 2014 and only 135 were promoted in 2015. Last year's reshuffle was delayed to May this year and only 96 were promoted due to the national bribery scandal involving heir-apparent Lee Jae-yong.

Nearly half of the promoted executives -- 99 -- are from the semiconductor business, which has helped the firm reach record profits this year.

Samsung CEO Kwon Oh-hyun announced his retirement last month. The firm replaced heads of businesses in what was considered a long-awaited shake-up to inject younger leaders into the company's management.

The reshuffle is a preamble to a later announcement of organisational change, which will likely come within the month. It will be of keen interest to see what the conglomerate will focus on next year.

The appeal trial for the jailed younger Lee, the de facto head of Samsung, is expected to end early next year, when he may be released if given a suspended sentence.

The South Korean tech giant, known for its hardware prowess, is attempting to empower its software and artificial intelligence businesses further going forward. It formed the auto-component division back in 2015 and the following year announced the acquisition of Harman for $8 billion.

PREVIOUS AND RELATED COVERAGE

    Samsung to replace all CEOs in long-awaited shake-up

    Samsung Electronics has overhauled its top leadership line-up after three years of minimal changes, reflecting the sense of urgency surrounding the conglomerate.

    Samsung lead CEO to step down amid 'unprecedented crisis'

    Kwon Oh-hyun, vice chairman and the most senior of Samsung Electronics' three CEOs who oversaw the firm's chip and display businesses, will step down in March and pass the baton to younger leadership.

    Samsung boss begins appeal trial in Seoul

    Imprisoned Samsung boss has been summoned to court for the start of the appeals trial for the bribery case involving the former president.

    RECENT NEWS

    How Fintech Is Revolutionizing Traditional Banking

    How fintech is revolutionizing traditional banking is a topic that is garnering positive and immense discourse within th... Read more

    Blockchain And Its Impact On Fintech Industry

    Blockchain and its impact on Fintech Industry has become a hot topic in the current digital era. The amalgamation of blo... Read more

    The Rise Of Fintech In The Digital Era

    In the heart of the digital revolution, we've observed a term termed as "fintech" creating a substantial and transformat... Read more

    Role Of Fintech In Transforming Retail Banking

    The role of fintech in transforming retail banking is producing significant changes in the financial services industry. ... Read more

    Fintech Innovations In Asset Management

    Financial technology, or FinTech, refers to the blending of financial services with technology. The importance of FinTec... Read more

    Exploring The Future Of Accounting Software: Unveiling The Power Of AI

    The revolutionary ignition sparked by artificial intelligence (AI) cannot be understated in contemporary business ecosys... Read more