Samsung Electronics names 3 long-time execs as new leaders

October 31, 2017

Employees walk past logos of the Samsung Electronics Co. at its shop in Seoul, South Korea, Tuesday, Oct. 31, 2017. Samsung Electronics Co. reported another record high in quarterly earnings Tuesday as its semiconductor division posted its highest profit ever. (AP Photo/Ahn Young-joon)

SEOUL, South Korea (AP) — Samsung Electronics said Tuesday three executives who have served for the South Korean company for more than two decades will replace three outgoing chief executives.

The appointment announced in the middle of Samsung’s run of record-breaking blockbuster earnings shows it has opted for stability rather than a big shakeup at a time when its de facto leader Lee Jae-yong is facing a five-year prison sentence. Lee is fighting the conviction in an appeals court.

Kim Kinam will lead Samsung’s semiconductor and display businesses while Kim Hyunsuk will be the head of its consumer electronics division and Koh Dongjin, the head of the mobile business, Samsung said in a statement.

Samsung also named Lee Sang-hoon, chief financial officer, as the new chairman for the board.

They replace three outgoing chief executives at Samsung to oversee operations of its enormous businesses in the absence of the founding family members.

Samsung said new leadership was announced for the next phase of growth, but the trio is well-known in the industry since they have been leading Samsung’s key teams for the past few years.

Update hourly