Samsung Electronics, the world's No.1 maker of memory chips, flat screens, handsets and televisions, said Thursday that it has named Vice Chairman Kwon Oh-Hyun as its new chief executive officer (CEO).

Vice Chairman Kwon will handle all corporate-wide affairs as new CEO, while maintaining his position to head the company's component business, including chips and display panels, according to an e-mailed statement by Samsung. Since July 2011, Samsung has been independently running its set and component businesses.

As to the set business, President Yoon Boo-keun will remain in charge of Samsung's consumer electronics division, which makes TVs and home appliances, while President Shin Jong-kyun will continue to oversee the Information & Technology and Mobile Communications division that includes handsets, telecommunication systems, IT solutions and digital imaging.

Vice Chairman Choi Gee-sung, the outgoing CEO, will assume the role of the head of Samsung Group's corporate strategy office, while retaining his seat on Samsung Electronics' board of directors, the company said.

Choi will, in his new position, concentrate on the promotion of future growth engines, while strengthening collaboration and synergy between Samsung affiliate companies, Samsung noted.

Meanwhile, Lee Jae-yong, only son of Samsung Electronics Chairman Lee Kun-hee, will remain as chief operating officer (COO), Samsung added.

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