Samsung names new CEO

SEOUL, South Korea Samsung Electronics announced that it has appointed Geesung Choi as its new CEO, as part of an organizational restructuring aimed to increase operating efficiencies and strengthen the independence of the company's business divisions.

Samsung also named Jay Lee to the newly created position of COO and Ju-Hwa Yoon as CFO in its new C-suite. Yoon-woo Lee, currently vice chairman and CEO, continues only as chairman of the board of sirectors.

Effective immediately, the heads of all Samsung Electronics business divisions report to Choi and the C-suite.

Choi previously served as president and head of Samsung's digital nedia and communications business.