Samsung Electronics has promoted Kwon Oh Hyun as CEO of the company. Hyun was previously the head of the display and chip business at Samsung and was promoted to vice chairman in December. Samsung’s outgoing CEO Choi Gee Sung will be the head of the Samsung’s strategy office. Kwon was instrumental in helping Samsung get through a rough year and expanded into more profitable semiconductors for mobile devices and servers.
Samsung had ended Nokia’s 14 year reign as the global mobile phone leader for the first time last quarter. They also regained the lead in the smartphone market from Apple last quarter. Apple made a new court filing on June 5th to block sales of the Galaxy smartphones in the U.S.
Samsung is planning to build a $1.9 billion plant in Hwaseong, South Korea. Construction of this plan will be complete in 2013. Samsung plans to focus more on building mobile chips as the smartphone and tablet market continues to grow. The company will be spending nearly $13 billion in their semiconductor business this year alone.