Samsung restructure to accommodate co-CEO

Samsung are hitting the headlines all week with their Galaxy S IV flagship smartphone however behind the scenes they have introduced two leaders to help run the business.

Presidents JK Shin and Boo-keun Yoon helped to showcase the new smartphone at the phone in New York last night. They have been appointed ‘co-chief executive officers' in recognition of their excellent performance, leading the company to record quarters.

The company will be ran in an unusual way however – On Hyun Kwon is remaining as the companies ‘chief chief executive officer' and the chairman of the board.

The company issued a statement which read “The new leadership structure will serve to clarify and enhance independent management of the two set divisions, as well as the independent management of the set and component businesses.”

The appointments are in place to recognise the results that President Yoon and President Shin have achieved. Samsung said “The new appointments recognize the strong performance of President Yoon and President Shin. Under President Yoon, Samsung's TV business maintained and solidified its global leadership position after becoming global No. 1 in 2006. Under President Shin, Samsung's mobile business posted significant growth and attained global No.1 position in smartphones in 2011 and in overall mobile phones in 2012.”

The two men will continue their previous responsibilities, but we would assume with a significant pay increase.

Samsung have had a remarkable 12 months. They announced in January that their fourth quarter profit rose 76 percent to $6.6 billion, which marks the fifth consecutive record quarterly profit.

They generated sales of $52.6 billion, a 19 percent increase over the same period a year earlier. Nearly half of that revenue was from the mobile communications division.

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