Samsung Electronics makes key leadership changes with focus on chip divisions [Video]

Samsung Electronics on Wednesday announced changes in the leadership of its memory and foundry chip divisions, as the company faces intense competition in the semiconductor space.

The South Korean tech giant appointed Jun Young-hyun as co-CEO and head of the memory chip arm, while Han Jin-man will become the president and head of the company’s foundry business.

The company also appointed Nam Seok Woo, previously head of chip factory engineering and operations, as the chief technology officer of the foundry business in a newly established position.

Samsung shares fell 3%. The company’s stock has been on a steady decline amid investors worries that Samsung was falling behind competitors such as SK Hynix in building advanced chips.

Samsung Electronics was once the leading forcein the memory chip sector, and appeared well-positioned to take advantage of the boom in artificial intelligence. However, the company has been left behind by SK Hynix in developing next-generation chips, which have become …