Samsung Electronics Co. announced its new leadership Wednesday, focusing on the semiconductor business in an apparent move to enhance its future competitiveness in the field.

Jun Young-hyun, vice chairman and head of the device solutions division, was named CEO and will also lead the memory business and Samsung Advanced Institute of Technology, the company said in a press release.

To bolster technological competitiveness, the new CEO will directly manage the memory business unit.

Han Jin-man, former executive vice president and president of Device Solutions America, was promoted to president and will head the foundry business, which has been experiencing significant losses.

Han is expected to leverage his global client network and technological expertise to enhance the competitiveness of the foundry business.

Samsung Electronics also created the chief technology officer position for its foundry business, appointing Nam Seok-woo, former president and head of FAB Engineering & Operations, to the role.

Additionally, Kim Yong-kwan, former executive vice president of a business support taskforce, has been promoted to president of management strategy at the device solutions division.

The reshuffle also affected seven other officials, who have been reassigned to new positions, along with the two promoted to chief executive roles.

Samsung Electronics stated that the reshuffle aims to assign new challenges to veteran executives with "global leadership" and "excellent management capabilities" to drive mid-to-long-term growth, including innovation in brands and consumer experience. (Yonhap)