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Samsung names new CEO, weakens post’s power

Samsung Electronics Co. has named a new CEO but has diminished the power of the position, the Wall Street Journal reported.

Choi Gee-sung stepped down from the CEO position and was replaced by Kwon Oh-hyun, the head of the company's component businesses, the article said. Customers of Samsung chips and other components are Samsung's competitors in products like TVs and phones, the Journal article said. Apple Inc. has sued Samsung for allegedly copying the designs of the iPhone and iPad

The Journal report noted that the company is trying "to create more separation -- or at least the image of it -- between its consumer and component businesses."

According to the report, the leaders of Samsung's consumer product divisions will not report to Kwon. "Chairman Lee Kun-hee will play the decisive role when the component and consumer product sides of Samsung conflict," the article said. (Source: Wall Street Journal, June 8, 2012.)

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