Samsung Elec replaces memory and foundry business heads in sweeping reshuffle

Samsung Electronics said on Wednesday it has named Jun Young-hyun as the new head of its memory chip business and Co-CEO of the company, while Han Jin-man will become the head of the foundry business with a promotion as president. Samsung also named Nam Seok-woo who has been head of chip factory engineering and operations as the Chief Technology Officer of the foundry business in a newly created role. The major reshuffle of its top rank comes as shares of the tech giant have steadily fallen since August on investor concerns that it keeps lagging its rivals in supplying high-end chips to Nvidia in the booming AI market.