Samsung Electronics makes leadership changes to memory, foundry units

Samsung Electronics (OTCPK:SSNLF) has named new leaders to its memory and foundry chip divisions, amid intensifying competition in the global semiconductor market.

Jun Young-hyun has been named co-CEO and head of the memory chip unit, and Han Jin-man has been appointed president and head of the foundry division.

In addition, the South Korean tech company appointed Nam Seok Woo, who was head of the chip factory engineering and operations, to the new role of Chief Technology Officer of the foundry unit.

Samsung said the leadership changes will help it address business uncertainty, revamping its organization and build up competitiveness in the chip business.

The company, once at the forefront in the chip business, has been dragged back by competition from the likes of SK Hynix (OTCPK:HXSCF) and Taiwan Semiconductor Manufacturing (TSM).

Samsung’s memory chip division saw its profit drop 40% sequentially in the third quarter, weighed down by a customer delay in its AI chip business.