Samsung Electronics has announced a major leadership change. According to Samsung's press release, "The new leadership is designed to strengthen Samsung's future competitiveness, focusing on the semiconductor business." This clearly indicates that Samsung is setting its sights on emerging technologies like artificial intelligence and autonomous vehicles, both of which rely heavily on powerful chipsets.
Young Hyun Jun, who previously served as Vice Chairman and Head of Device Solutions (DS) Division, has been named the new CEO. He will also lead the Memory Business and Samsung Advanced Institute of Technology (SAIT).
Jinman Han, who was the Executive Vice President of the Foundry Business, has been promoted to President. He will lead the Foundry Business, which manufactures chips designed by other companies. This segment is crucial for Samsung's long-term growth strategy, as it allows the company to diversify its revenue streams and reduce reliance on its own smartphone business. To further strengthen the Foundry Business, Seok Woo Nam has been appointed as the Chief Technology Officer (CTO), a newly created position.
The leadership reshuffle goes beyond the chip business. Hansung Ko, the current CEO of Samsung Bioepis, a subsidiary specializing in biopharmaceutical products, has been appointed to the new leadership team. Ko's extensive experience in leading new business ventures, particularly in the biotechnology field, suggests that Samsung may be exploring new avenues for growth beyond semiconductors.
The tech giant is not the only company pursuing chip dominance. Major players like Intel and TSMC are also investing heavily in expanding their chip manufacturing capabilities. Samsung needs to stay ahead of the curve in terms of technology and production capacity to maintain its market share.
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