Samsung Electronics, the world’s leading TV maker, has changed the head of its TV division for the first time in over two years. This move comes as the company faces increasing pressure from Chinese competitors both in its home market and globally.
On Monday, Samsung announced that Lee Won-jin, who previously led the Global Marketing Office, is now the new head of its Visual Display Business. He takes over from Yong Seok-woo, who will transition into an advisory role. Samsung typically shuffles its management team around December each year. The company did not give a specific reason for this earlier change in leadership.
A Samsung Electronics official told Reuters that the company expects the new leader to bring fresh ideas and necessary changes to the TV business. This part of Samsung’s business is currently dealing with very tough market competition. In March, Chinese company TCL Electronics and Japan’s Sony formed an important partnership in home entertainment. This alliance further increases the pressure on other competitors, including Samsung.
The Nikkei newspaper had previously reported that Samsung was thinking about stopping sales of home appliances and TVs in China this year. This was reportedly due to strong competition from Chinese companies that have been selling similar products at lower prices.
Last month, Samsung mentioned that its TV profits dropped in the first quarter. This decline was due to demand not growing and the cost of raw materials going up. The newly appointed TV head, Lee Won-jin, worked at Google before joining Samsung in 2014.
