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Samsung appoints two new co-CEOs following Galaxy S4 announcement

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Samsung Semiconductor HQ San Jose 3 stock 1024
Samsung Semiconductor HQ San Jose 3 stock 1024

Samsung presidents Yoon Boo-keun and J.K. Shin have been appointed co-CEOs of Samsung Electronics, joining current vice chairman and CEO Kwon Oh-hyun, who rose to the position last June. Samsung Electronics now has three CEOs... serving alongside COO, president, and likely future Samsung head Lee Jae-yong.

The move would seem to allow each of Samsung's tentpole divisions to have a leader at a functionally equal level in the corporate hierarchy. President Yoon oversaw the consumer electronics division, including Samsung's TV line, and president Shin oversaw mobile, including Samsung's just-updated Galaxy line of phones. Vice Chairman Kwon is in charge of Samsung's component business, Samsung Semiconductor, which produces computer memory and the Samsung Exynos line of mobile processors, among other things. "The new appointments recognize the strong performance of President Yoon and President Shin," writes Samsung in a press release:

Under President Yoon, Samsung’s TV business maintained and solidified its global leadership position after becoming global No. 1 in 2006. Under President Shin, Samsung’s mobile business posted significant growth and attained global No.1 position in smartphones in 2011 and in overall mobile phones in 2012.

"The new leadership structure will serve to clarify and enhance independent management" of each division, according to the company.

Here's what Samsung's earnings looked like last quarter, and overall in 2012. And here's a little bit about the real power behind the company, and where it came from.