Samsung Electronics CEO Steps Down

Lee Yoon-woo, a senior executive in charge of Samsung Electronics’ external relations, will be the new CEO of the nation’s largest electronics firm, which is the most critical subsidiary of Samsung Group.

Yun Jong-yong, CEO and vice chairman of Samsung Electronics, will step down after his decade-long reign of the firm since January 1997. Yun will serve as Samsung Electronics’ standing adviser.

Samsung announced its plan to reshuffle top managers of four subsidiaries including Samsung Electronics, Samsung Fire & Marine Insurance, Samsung Securities, and Samsung Techwin, yesterday.

Since Samsung Group announced its management reshuffle plan, which includes the resignation of Chairman Lee Kun-hee on March 22, it made its first move to reshuffle its top executives. Ten CEOs (excluding Yun) are subject to the change, three CEOs will be promoted and other seven CEOs will be assigned to new posts.

Lee Ki-tae, vice chairman and chief technology officer of Samsung Electronics, will become vice chairman in charge of external relations. Hwang Chang-gyu, president of semiconductor business, will become chief technology officer and Kwon Oh-hyun, president of the system LSI department, will become president of semiconductor business. Lim Hyung-gyu, who has led the Samsung Advanced Institute of Technology and a business team designed to develop new businesses, will be given the sole authority to lead the business team devoted to developing new businesses.

Ji Dae-seop, Samsung Electronics’ vice president in charge of semiconductor business, will become CEO of Samsung Fire & Marine. Park Jun-hyun, vice president of Samsung Life Insurance, will be promoted to become CEO of Samsung Securities. Oh Chang-seok will become CEO of Samsung Techwin.

Samsung Fire & Marine’s former CEO Hwang Tae-seon and Samsung Securities’ former CEO Bae Ho-won, who both resigned in the wake of the special inquiry over the group’s slush fund scandal, will work for the Public Responsibility Committee.

Samsung will announce a follow-up plan related with employees in lower ranks on Friday and conduct organizational reshuffling and other changes in personnel management later this month.

Hyun Myung-gwan, former chairman of Samsung C&T Corporation, will serve as Samsung’s standing adviser.

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