Samsung just completely shook up its leadership

Samsung Electronics announced a shakeup of its leadership on Tuesday and said it will maintain its current three co-CEO management structure.

Kim Ki-nam will replace the company’s Vice Chairman and CEO Oh-Hyun Kwon who earlier this month announced his decision to step down from management. Kim will oversee the device solutions business.

Kim is currently the president of the semiconductor business at Samsung and is a seasoned veteran at the company, having joined in 1981. He led developments of various memory technologies and is said to have been Kwon’s “right-hand man” in Samsung’s hierarchy.

In other leadership changes, Kim Hyun-suk will replace Yoon Boo-keun as president and head of the consumer electronics business. Kim Hyun-suk, according to Samsung, is a leading expert in display products.

Meanwhile Koh Dong-jin will take over from Shin Jong-kyun as president of the IT and mobile communications business — the division that oversees Samsung’s family of smartphones. Koh oversaw the development of Samsung’s flagship Galaxy smartphones.

Yoon Boo-keun and Shin Jong-kyun said they have decided to follow Kwon and make way for new leaders, according to Samsung.

The new appointments are effective immediately.

Meanwhile, Lee Sang-hoon leaves his position as the company’s chief financial officer, effective immediately. Samsung said Lee has been “recommended by outside Board members to be Chairman of the Board and succeed Mr. Kwon next March.”

Samsung Electronics on Tuesday announced record profits for the third quarter, benefiting from strong demand for memory chips used in mobile devices and servers.

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