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Samsung Top Ranks Facing Management Shake-Up

Samsung Top Ranks Facing Management Shake-UpThe Wall Street Journal has reported people familiar with the matter as stating in one scenario co-CEO and mobile head J.K. Shin could be moved out of his role overseeing the mobile division, which could mean Shin losing his co-CEO role.

Another co-CEO, B.K. Yoon, who oversees Samsung’s home appliance and television business, could take control of the mobile division in addition to his current duties, the WSJ further reported the people familiar with the matter as stating.

Samsung has endured a tough year, recently posting a net profit decline of 49 per cent year-on-year for the third quarter, while operating profit fell 60 per cent year-on-year.

While global smartphone shipments continue to surge, the most recent International Data Corporation (IDC) figures show Samsung, while retaining its position as the number one worldwide vendor, has lost significant market share this year.

Samsung claimed 23.8 per cent of the market in the 2014 third quarter, down from 32.5 per cent year-on-year, according to the figures, the only company among the worldwide top five to see its shipment volume decline year-on-year.

Samsung is also reported to be considering cutting its number of smartphone models next year by up to 30 per cent.

Under one management scenario being discussed, a third co-CEO, Kwon Oh-hyun, who is in charge of components like semiconductors and display panels, would stay in that job, according to one of the people familiar with the matter, the WSJ further reported.

The WSJ additionally reported the people familiar with the matter as stating the decision on the management shake-up isn’t final.