Samsung announces restructure – consolidates operations in two divisions

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Samsung Electronics has said that it will plan a restructure that would consolidate several of its business operations into two divisions, because of the slowing global economy. The new restructuring plan was announced during a personnel announcement at the company, and the broader Samsung Group.

The two will be titled the “Device Solution” division and the “Digital Media and Communications” division. The Device Solutions division will be headed by current CEO of Samsung Electronics, Lee Yoon-woo, and will take the semiconductor and LCD business.

The new Digital Media and Communications division will take control of several of its consumer technology businesses; including televisions, mobile phones, printers, computers and home appliances. This division will be headed by Choi Gee-sung.

This comes as net profit for the company fell 44 percent in Q3 2008 from the same period in 2007; and is expected to bring out its Q4 2008 earnings on January 23. Also announced was a pay cut on the salaries of the top executives by up to 20 percent.

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