Top 4th of July Sales Best 4K Projectors 7 Early Prime Day Deals Wi-Fi Range Extenders My Favorite Summer Gadgets Cheap Car Insurance Target's 4th of July Sale Best Running Earbuds, Headphones

Samsung adds co-CEOs to company's executive lineup

The chiefs of the company's mobile and TV divisions will help the existing CEO steer the South Korean electronics giant.

JK Shim, one of Samsung's new co-CEOs, unveiling the Samsung Galaxy S4 in New York tonight.
Sarah Tew/CNET

Fresh from revealing the Galaxy S4, its new flagship smartphone, Samsung announced the addition of two new captains to help run the ship.

Presidents Boo-keun Yoon and JK Shin, who helped unveil the Galaxy S4 during a press event this evening in New York, have been appointed co-chief executive officers in recognition of their contributions to the company's recent string of record quarters. However, they won't be partners in charge; Oh-Hyun Kwon will retain his position as the company's chief chief executive officer and its chairman of the board, Samsung said

"The new leadership structure will serve to clarify and enhance independent management of the two set divisions, as well as the independent management of the set and component businesses," the company said in a brief statement.

The new appointments recognize the strong performance of President Yoon and President Shin. Under President Yoon, Samsung's TV business maintained and solidified its global leadership position after becoming global No. 1 in 2006. Under President Shin, Samsung's mobile business posted significant growth and attained global No.1 position in smartphones in 2011 and in overall mobile phones in 2012.

Despite their new appointments, the two executives will continue their previous responsibilities within the company.

The company has experienced a remarkable string of record-setting quarterly performances. Samsung announced in January that its fourth-quarter profit rose 76 percent to $6.6 billion, the company's fifth consecutive record quarterly profit.

The company also reported sales of $52.6 billion, a 19 percent increase over same period a year earlier. Nearly half of that revenue came from its mobile communications division, particularly strong sales of its Galaxy S3 smartphone and Galaxy Note 2 phablet.