Samsung Electronics launches ‘Future Business Planning unit’

Nov 28, 2023, 09:56 am

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Jun Young-hyun, who served as vice chairman of Samsung SDI, has now been appointed vice chairman and head of the newly established Future Business Planning division./ Courtesy of Samsung Electronics

AsiaToday reporter Choi Won-young

Samsung Electronics has established the Future Business Planning unit to help the company explore new business opportunities for future growth. At the same time, the company will continue to maintain its CEO system, which is divided into two sectors – one for semiconductors and one for consumer devices – in its annual reshuffle of executives. The move aims to strike a balance between future challenges and management stability amid uncertain business environment.

On Monday, Samsung Electronics announced the appointment of its regular presidents in 2024 in preparation for the growing uncertainties of global management.

The future business planning unit can be regarded as the company’s “control tower” responsible for identifying future growth areas from a long-term perspective. Jun Young-hyun, currently vice chairman of Samsung SDI, will lead the unit.

However, in terms of weaving competitiveness among the group’s electronics-related affiliates to create synergy, the new unit is different from the Future Strategy Office that was launched for the purpose of restructuring and dismantled in 2017.

The unit was “created as a vice chairman-level organization to explore new business opportunities beyond its existing operations,” Samsung Electronics said.

The existing two CEOs of Vice Chairman Han Jong-hee and President Kyung Kye-hyun will remain the same. However, Vice Chairman Han handed over the post of head of the VD division, which he was concurrently holding, and Kyung decided to be the head of the SAIT (Advanced Institute of Technology) as well as the head of the semiconductor (DS) division.

“We boldly promoted the vice president, who contributed to the growth of the TV business sector, to the chief level and establish a global cooperation relationship body to the president-level to contribute to the establishment of a global cooperative relationship in response to growing risks in a multipolar world,” Samsung said.

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