SEOUL - Samsung Electronics, the world's No. 1 TV maker, has replaced its TV head for the first time in more than two years, as it faces mounting competition from Chinese rivals at home and abroad.
Samsung said in a statement on Monday (May 4) that it has appointed Lee Won-jin, who was previously head of the Global Marketing Office, as the new head of its Visual Display Business, succeeding Yong Seok-woo, who will serve as an adviser.
Samsung usually carries out its annual management reshuffle around December, and the company did not disclose the reason for the replacement.
A Samsung Electronics official told Reuters the new leader is expected to bring a fresh perspective and the change needed for the TV business, which is facing intensifying market competition.
In March, China's TCL Electronics and Japan's Sony signed binding agreements for a strategic partnership in the home entertainment field, increasing pressure on rivals.
The Nikkei newspaper previously reported Samsung was considering discontinuing sales of home appliances and TVs in China within this year in the face of competition from Chinese companies that have undercut rivals.
Samsung said last month its TV profit declined in the first quarter because of stagnating demand and rising raw-material costs. Lee had previously worked at Google before moving to Samsung in 2014.
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