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Samsung announces biggest reshuffle since 2017

Reuters Videos
Updated

Samsung has announced its biggest shake-up since 2017.

The South Korean conglomerate unveiled plans on Tuesday to merge its mobile and consumer electronics divisions.

It also named new co-CEOs, with Han Jong-hee promoted to vice chairman and co-CEO of the newly merged division.

The sweeping moves are the latest sign of centralised change at Samsung, after Vice Chairman Jay Y. Lee was paroled in August from a bribery conviction.

Samsung is looking to simplify its structure and grow its logic chip business, as it sets its sights on overtaking TSMC to become the number one chip contract manufacturer by 2030.

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Late last month, Samsung chose Taylor, Texas as the site of a planned $17 billion U.S. chip plant after months of deliberation.

The decision coincided with Lee's first business trip to the United States in five years.

Samsung plans to spend $206 billion dollars over the next three years on areas such as semiconductors, artificial intelligence, robotics and biopharmaceuticals.