Korean charbols are often family led. Samsung moves away from this by appointing Geesung Choi Chief Executive.
Choi, one of the most successful managers in Samsung, currently heads the consumer electronics division that contributes 2/3 of Samsung’s USD 110 Bn annual revenue. His success stories include leading the TV division to overshoot Sony’s world premier sales position, and steering Samsung phones to overtake Motorola to assume the world’s no. 2 position after Nokia.
Samsung has firmly established itself as one of the world’s largest technology companies and analyst forecasts that it might pass Hewlett-Packard’s revenue crown for this year or next. The Samsung empire currently consists of over 60 companies that are in ship-building, trading, construction, entertainment, hotels, & even baseball. In a re-structuring announced together with the appointment of a new CEO, Samsung will be re-organized into 7 operating units that will behave like standalone companies with their own presidents & finance chiefs. Objective is to render the transparency that international investors demand, despite the founding family still owns around 20% stake.
Together with the CEO appointment, grandson of the founder, Jay Lee, is appointed COO.
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