Samsung Electronics Co. Ltd. announced on Tuesday (Dec. 7) that it will combine its mobile and consumer electronics businesses under two new co-CEOs who will replace the previously used three-person leadership structure, according to a Reuters report.
As part of the new corporate structure, the company will intensify its focus on chips and consumer devices, including smartphones. Samsung has become the largest smartphone maker in the world thanks to its Galaxy lineup, but that momentum has slowed in recent years. Meanwhile, components, including chips, have become a bigger part of the overall profit cake, generating 15.8 trillion won ($ 13.4 billion) in operating income for the most recent quarter.
Han Jong-hee, head of Samsung’s visual display business, will become co-CEO and lead the newly merged business, which will encompass mobile and consumer electronics, while continuing to lead the television business.
Kyung Kye-hyun, CEO of components subsidiary Samsung Electro-Mechanics and former head of the flash memory chips and technology team, has been named co-CEO to lead the chips and components division.
Samsung has also named Chung Hyun-ho as vice chairman and head of a task force that will coordinate decision-making at Samsung Electronics and its affiliates.
Samsung Electronics last appointed new business unit heads in late 2017. The company plans to focus on semiconductors, artificial intelligence (AI), robotics and biopharmaceuticals and invest 240 trillion won ($ 206 billion) in these areas over the next three years.
The company also said it is building a $ 17 billion chip factory in Taylor, Texas.
Similar news: Health monitoring puts the “H” in smartwatches because wearables increase their usefulness
Samsung released its Samsung Galaxy Watch 4 in August.
In April, PYMNTS reported that the Munich-based Smart Payments Association (SPA) “has updated its original guidelines and states in its position paper Wearable Tech 2021: The Future Is Now that” … the payment volume of wearables by the end of 2020 will be US $ 501.1 billion Dollar will reach â€. , which account for 20% of all proximity payments and that “payment systems for wearables increased by 365% between 2017 and 2020, with a quarter of Europeans planning to use this technology to buy goods and services in the future.”
Grand View Research predicted earlier this year that the “global portable payment device market is projected to reach $ 80.39 billion by 2028 … [and] is expected to grow with a CAGR of 29.8% from 2021 to 2028. “
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NEW REPORT: TECHREG â„¢ CHRONICLE – DECEMBER 2021
Above: This report is the first edition of the TechREG â„¢ Chronicle. The regulation of digital companies is becoming one of the most important issues of our time. With this new publication, we want to contribute to the debate and discussion about when, how and when non-digital companies and the key technologies they use should be regulated.
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