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Biz News Korea(Eng)

Samsung creates new business unit to drive sustainable growth

Collected: 2023.12.12

Distributed: 2023.12.13

Source: Go Direct

[Photo by Han Joo-hyung]

South Korea’s Samsung Electronics Co. recently created a new business unit under its Device Experience (DX) division, in a move to find new ways of achieving sustainable growth amid a slowdown in demand.

According to sources familiar with the matter on Monday, the tech giant introduced a new unit, New Business Development Group, following a recent restructuring. Sources said the unit is dedicated to exploring new business opportunities for the division, and the same unit was also added to three departments under the DX division, including mobile experience (MX), Visual Display, and Digital Appliance (DA).

The move is aimed at finding new sources of sustainable growth and opportunities to overcome business challenges, such as the fall in demand, as Samsung Electronics recorded a decline in sales in 2023. The newly added units are expected to seek cooperation with the Future Technology Secretariat and Future Business Planning, newly formed divisions under the company.

As part of its year-end executive reshuffle, Samsung Electronics appointed Jun Young-hyun, vice chairman of Samsung SDI Co., as the chair of the Future Business Planning division in November.

The unit aims to identify new ventures within the realm of the company’s business to uncover opportunities that will shape the landscape in the next decade, ensuring a sustainable future for the company.

By Oh Chan-jong and Han Yubin

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