Samsung Electronics, the world’s leading tech giant, has announced the establishment of a new team that will be in charge of finding new business areas for the company’s future growth. The new team will be led by Vice Chairman Jun Young-hyun, who is currently the chairman of Samsung SDI’s board of directors.
New team to report directly to device chief
The new future business planning team will report directly to Han Jong-hee, who is the chief of the company’s device experience (DX) division covering smartphones and home appliances. The DX division is one of the two main business units of Samsung Electronics, along with the chip business division headed by Kyung Kye-hyun.
The new team will be focused on exploring new business areas that are not related to the company’s existing businesses, such as solar energy, light-emitting diodes, batteries for cars, biopharmaceuticals, and medical devices. These are some of the five future business items that Samsung had picked out in the 2000s and 2010s, under the guidance of the former future strategy office, which was abolished in 2017 after being involved in a political scandal.
The new team will also work closely with the existing business support task force, which is responsible for the company’s strategy planning, merger and acquisitions, and personnel appointment for Samsung’s affiliates. The business task force was established last year with some 30 finance and strategy specialists.
Vice Chairman Jun to lead the new team
Samsung has appointed Vice Chairman Jun Young-hyun as the head of the new future business planning team. Jun is a veteran Samsung executive who has led the company’s memory chip and battery business to achieve a world-class standard. He is also known for his expertise in finance and management.
Jun joined Samsung Electronics in 1989 and worked in various positions, including the head of the memory business, the chief financial officer, and the president of the semiconductor business. He was promoted to vice chairman in 2018 and became the chairman of Samsung SDI’s board of directors in 2019.
Jun is expected to leverage his experience and insight to find new growth drivers for Samsung, which is facing increasing competition and uncertainties in the global market. He will also oversee the company’s research and development activities and foster collaboration with external partners.
Samsung seeks stability and innovation in leadership reshuffle
The announcement of the new team was made as part of the company’s annual leadership reshuffle, which took place on Monday. Samsung did not make any changes in the company’s two-CEO system, keeping Han Jong-hee and Kyung Kye-hyun as the heads of the device and chip business divisions, respectively.
Industry sources say that Samsung has opted for stability rather than seeking a drastic shake-up in management, as the company is dealing with various challenges, such as the COVID-19 pandemic, the US-China trade war, the semiconductor supply shortage, and the legal issues of its de facto leader Lee Jae-yong.
However, Samsung also showed its willingness to innovate and adapt to the changing market environment, by creating a new team that will pursue new business opportunities and technologies. Samsung said that the new team will help the company achieve its vision of becoming a “leading innovator of the digital era”.
