SEOUL– Samsung Electronics Co. is likely to retain three CEOs in the upcoming personnel reshuffle, industry sources said Wednesday, in a move to ensure a stable management environment amid fierce global competitions.
The three — Kim Hyun-suk, Koh Dong-jin and Kim Ki-nam — have been leading the tech giant’s consumer electronics division, IT, and mobile communications division and device solutions division, respectively, since 2018.
In March, the company’s shareholders endorsed them to keep their posts during the annual shareholders meeting in Suwon, south of Seoul.
The possibility for them to keep their jobs is deemed high, given the tech giant’s stellar performance this year with record sales under their reign and potential risks associated with the ongoing trial of Samsung Electronics Vice Chairman Lee Jae-yong.
Lee, the de facto leader of Samsung Group, has stood trial since October last year over unfair trading, stock manipulation, breach of trust in relation to the 2015 merger between two Samsung affiliates, and alleged accounting fraud at the pharmaceutical unit Samsung Biologics.
The merger and fraud were widely seen as key steps to take over South Korea’s biggest conglomerate.
The uncertainty over the COVID-19 pandemic, especially now with the omicron variant of the coronavirus, the global supply crunch and chip shortages have also added uncertainty to an already precarious business environment.
Lee is unlikely to get promoted to chairman and is expected to keep his current title as vice chairman at Samsung Electronics — the crown jewel of Samsung Group. He assumed the position in December 2012. The chairman position has been left vacant since his father, Lee Kun-hee, died in October last year.
The industry sources, however, expected the tech giant to make extensive personnel reshuffles for rank-and-file and senior executive level employees.
Earlier this week, the company overhauled its position system and abolished the seniority-based top-down approach to nurture young talent and create a more flexible corporate culture.
It scrapped mandatory years of working at certain positions, a precondition for possible promotion, and incorporated ranks to make the company structure more simplified and nimble.
The move came as the company tried to recruit talent regardless of age and raise them into key human resources that can lead the company’s future business amid intensified global competitions.
Source: Yonhap News Agency