Samsung Electronics has retained its mobile phone business head Shin Jong Kyun along with three chief executive officers.
There was wide spread media speculation that Kyun will lose his current profile as part of a major reshuffle. In October, Samsung Electronics posted a 49 percent drop in quarterly net income as its phone business struggles from competition with Apple and Chinese makers.
Samsung is trying to regain its lost market share. However, the company is yet to announce its new smartphone line up for next year, though the company announced that it will cut down phone range by 30 percent.
The announcement is a signal that Vice Chairman Lee Jae Yong has decided to empower the three CEOs and support them as they help him through the restructuring process.
Shin Jong Kyun will continue to run the world’s largest mobile-phone business even after posting the smallest profit since 2011, said a report in Bloomberg.
Co-CEOs Kwon Oh Hyun, who leads the components business, and Yoon Boo Keun, the head of consumer electronics, will stay in their roles. Samsung Group made 11 executive changes, citing business performance reasons, during its annual management revamp.
Vice Chairman Lee Jae Yong is overseeing changes as he takes a greater role at the conglomerate since his father, Lee Kun Hee, was hospitalized in May after a heart attack.
Three executives of the mobile business, including president of strategic marketing Lee Don Joo, were removed from their current positions due to weak performance.