Samsung Electronics, the world's leading TV manufacturer, has just announced senior personnel changes in the display screen business division, amid increasingly fierce market competition.
According to the announcement on Wednesday local time, the company has appointed Mr. Lee Won-jin, former Director of the company's Global Marketing Office, as the new head of the TV business.
Mr. Lee Won-jin will replace Mr. Yong Seok-woo, who moved to the role of advisor after more than two years in office.
Samsung usually conducts personnel restructuring in December every year, but this change takes place earlier and does not come with specific explanations. An official of the company said that the new leader is expected to bring a new perspective and promote necessary changes to the TV segment.
This move takes place in the context that Samsung is under great pressure from competitors, especially Chinese companies with a competitive price strategy. Last March, TCL Electronics and Sony signed a strategic cooperation agreement in the field of home entertainment, increasing pressure in the market.
Previously, Japanese media reported that Samsung is considering stopping trading TVs and household appliances in China due to price competition. This is considered one of the harshest markets for foreign electronics companies.
Samsung said TV segment profits have fallen due to weak demand and increased raw material costs. These factors forced the company to look for new directions to maintain its leading position.
Mr. Lee Won-jin is considered a highly experienced personnel in the field of global marketing. Before joining Samsung in 2014, he worked at Google. His appointment is expected to help Samsung reposition its strategy and increase competitiveness in a volatile market period.
