Customers shop at a Samsung mobile phone store in a shopping mall in New Delhi.
Reuters | Anindito Mukherjee
Samsung Electronics on Wednesday announced leadership changes at its memory and foundry chip divisions as it faces fierce competition in the semiconductor sector.
The South Korean technology giant named Jun Young-hyun as co-chief executive and head of its storage chip division, while Han Jin-man will serve as president and head of the company’s foundry business.
The tech giant’s shares fell 3%.
The company’s shares have been falling steadily as investors worry the company is lagging behind rivals such as SK Hynix in making advanced chips.
Last month, Jun, who has been in charge of the semiconductor unit since May, issued a rare apology after the company issued disappointing third-quarter profit guidance.
“Samsung appears to be making operational changes while maintaining stability, as there are no major changes in its top management, in our view,” Citi analysts wrote in a note after the shakeup.
“We expect Samsung to overcome business uncertainties through YH Jun’s leadership,” analysts said.
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