Samsung names new CEO

Samsung has named its new CEO, with Kwon Oh-hyun replacing Choi Gee-sung in the hot-seat as the Koreans shuffle their pack.

The electronics powerhouse is valued close to $165 billion (£106 billion) and has surpassed Apple as the world's biggest handset seller by some estimates, piling pressure on Kwon to keep the juggernaut rolling.

The new chief executive has been serving as head of Samsung's components business, which oversees chips and display. Choi Gee-sung, who had been the CEO since January 2010, will move to a new role as head of group corporate strategy to focus on future growth engines.

Jay Lee, son of Samsung Electronics' chairman Lee Kun-hee and the group's heir apparent, remains as chief operating officer, the company said.

With demand for smartphones exploding - none more so than Samsung's own Galaxy S3 that arrived last month - Kwon will over preside over a fresh $1.9 billion (£1.23 billion) project to expand the logic chip line used to make processors for the mobile devices.

But the long-term focus will remain on keeping Apple at bay, with Cupertino hoping to counter the Galaxy S3's success with the iPhone 5 later this year. The smartphone's launch may even be arriving a month earlier than had been expected, according to some reports.

Source: Toronto Sun

Image: Bloomberg