South Korea’s tech giant Samsung Electronics Co. in the absence of the owner family chief Vice Chairman Jay Y. Lee will run on co-management under three newly promoted chiefs of the company’s three mainstay divisions all in their 50s.

Signaling a generational shift, Samsung Electronics in a closely-watched reshuffle named Tuesday Kim Ki-nam, 59, president of semiconductor business as the head of the company’s device solutions (DS) division, or the commander of the company’s mighty semiconductor and display operation. The position was held by Vice Chairman Kwon Oh-hyun who offered to resign although he has been credited for placing the chip-making business to the world’s top rank this year.

Kwon, No. 2 of the country’s most powerful company, took the helm after Lee became imprisoned on a bribery case where he had received a five-year prison sentence in the first trial. Kwon said he was resigning to make way for the younger generation.

The other two main divisions promoted president of video display Kim Hyun-suk, 56, as the chief in charge of consumer electronics (CE) operation, and Koh Dong-jin, 56, president of mobile business, to head the broader IT and mobile (IM) business.

Samsung Electronics chief financial officer Lee Sang-hoon will step down from day-to-day business management but would replace Kwon who also co-heads as the chairman of the board of directors when his term ends at the end of March.

It is the first time the company would run without a vice chairman-level commander-in-chief and with top managers all under the age of 60.

The division heads of Yoon Boo-keun of CE and Shin Jong-kyun of IM also handed in theirs when Kwon offered resignation. The newly appointed division heads will join the board after they are confirmed in a shareholders’ meeting in March next year.

The company kept changes in the management to the minimum and did not implement reorganization, suggesting it aimed to keep status quo amid leadership vacuum.

Samsung Electronics shares ended Tuesday 1.92 percent up at 2,754,000 won from the previous session.

By Song Sung-hoon and Lee Ha-yeon

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]