Samsung Electronics Co. on Friday said it will undergo a massive reorginization and split into two big operating divisions, one focused on consumer products like television sets and cellphones and the other on components such as memory chips and displays. For the past two years, Samsung operated four main divisions - chips, liquid crystal displays, consumer electronics and cellphones. Now it will join its subdivisions into two organizations. Samsung Electronics' current CEO Lee Yoon-woo will retain his position and become the CEO of the Device Solution devision, that will handle the company's component, semiconductor and LCD businesses. At the age of 57, Mr. Choi Gee-sung, current president of Samsung’s cellphone unit, will lead the Digital Media and Communications division.
Samsung Electronics is the world's biggest manufacturer of memory chips, liquid crystal displays and flat screen televisions. It ranks second behind Finland's Nokia Corp. in mobile phones. However, like most giant company names in time of recession, it has been struggling of late amid the global downturn and falling prices. Samsung is scheduled to announce its Q4 2008 earning on January 23rd.

Source: News Yahoo!, Wall Street Journal