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Report: Samsung Electronics restructures

Company is consolidating its four divisions into two, with one focused on consumer products and the other on components, according to The Wall Street Journal.

Samsung Electronics is reconfiguring four divisions into two, in a move to bring its consumer products under one roof and its components business under another, according to a report Friday in The Wall Street Journal

The electronics giant will house such areas as its TVs, cell phones, and other consumer electronics into one group, while the components division will now include its liquid crystal displays and semiconductors, according to the report.

Samsung's restructuring comes at a time when a number of companies are retooling their operations in an effort to minimize the effect of a slowdown in corporate IT spending and pullback from consumers.

Samsung's consumer products division will be overseen by Choi Gee-sung, who manages the company's cell phone business and is the former head of Samsung's TV and video operations. CEO Lee Yoon-woo will run the components division.