Samsung Elec to merge mobile and consumer electronics divisions (updated)

Samsung Electro-Mechanics

07/12/2021 24:48

(Adds details)
    By Joyce Lee
    SEOUL, Dec 7 (Reuters) - Samsung Electronics Co Ltd
 005930.KS  said on Tuesday it will merge its mobile and
consumer electronics divisions, as it focuses on growing its
logic chip business.
    The sweeping move is the latest sign of change at the
world's largest memory chip and smartphone maker, after Vice
Chairman Jay Y. Lee was paroled https://www.reuters.com/world/asia-pacific/samsung-leader-jay-y-lee-released-prison-parole-2021-08-13
 in August from a bribery conviction.  
    The head of visual display business, Han Jong-hee, was
promoted to vice chairman and co-CEO, and will lead the newly
merged division spanning mobile and consumer electronics. 
    Kyung Kye-hyun, CEO of Samsung Electro-Mechanics
 009150.KS , was named co-CEO of Samsung Electronics and will
lead the chip and components division. 
    Samsung Group is focusing on areas such as semiconductors,
artificial intelligence, robotics and biopharmaceuticals, and
plans to invest 240 trillion won ($206 billion) in these fields
in the next three years.  urn:newsml:reuters.com:*:nL1N2PV0AU
    Group flagship Samsung Electronics is aiming to overtake
TSMC  2330.TW  to become No. 1 in chip contract manufacturing by
2030. 
    

 (Reporting by Joyce Lee; Editing by Richard Pullin and Stephen
Coates)
 ((joyce.lee@tr.com;))