Samsung Names Young Hyun Jun CEO Of Semiconductor Business

RTTNews | 13 days ago

(RTTNews) - South Korean tech giant Samsung Electronics Co Ltd announced Tuesday the appointment of Young Hyun Jun as the new chief of Device Solutions unit. The move is expected to strengthen its semiconductor business and its competitiveness amid surge in chip demand, despite uncertain global business environment.

Jun, who is leading the Future Business Division, succeeds President Kyehyun Kyung as the head of DS Division. Further, Kyung will now lead the Future Business Division as well as the Samsung Advanced Institute of Technology or SAIT.

The company noted that Kyung is expected to focus on finding new growth opportunities based on his experience leading the semiconductor business.

Jun, currently Vice Chairman, holds extensive experience in the semiconductor and battery businesses. He joined Samsung Electronics in 2000 and worked in DRAM and Flash memory development as well as in strategic marketing.

Jun became Head of the Memory Business in 2014 and CEO of Samsung SDI in 2017, before heading Future Business unit in 2024.

The latest changes in key roles come as the company is boosting its semiconductor manufacturing and research and development activities, mainly in the United States, to meet the skyrocketing demand.

In mid-April, the U.S. government offered up to $6.4 billion funding to Samsung to build semiconductor manufacturing and research and development facilities in Texas.

This adds to Samsung's proposed investment of over $40 billion in the state to build a cluster of semiconductor factories in the coming years aiming to meet the expected surge in demand from U.S. Customers.

Kyung then had stated that Samsung fabs will be equipped for cutting-edge process technologies and help advance the security of the U.S. semiconductor supply chain to meet the expected surge in demand from U.S. customers, for future products like AI chips.

The Biden Administration is taking steps to boost domestic chip making with a view to strengthening the resilience of the U.S. semiconductor supply chain, advance U.S. technology leadership, and fuel U.S. global competitiveness.

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EURUSD	1.08882	GBPUSD	1.27843	AUDUSD	0.66692
USDJPY	156.068	USDCAD	1.36467	USDCHF	0.89524