Samsung appoints new TV business head amid rising market competition

Samsung appoints new TV business head amid rising market competition

Samsung Electronics has appointed Lee Won-jin as the new head of its Visual Display Business.

He will replace Yong Seok-woo, who will now serve as an adviser, the company said in a statement on Monday.

The move comes after more than two years of Seok-woo's leadership and amid increasing competition from Chinese rivals both domestically and internationally.

Lee previously led Samsung's Global Marketing Office

Before his new appointment, Lee was the head of Samsung's Global Marketing Office.

An official from Samsung Electronics told Reuters that they expect him to bring a fresh perspective and the necessary change to the TV business.

The company has been facing tough competition in the market, especially after China's TCL Electronics and Japan's Sony formed a strategic partnership in March.

Samsung may halt TV sales in China

The Nikkei newspaper had previously reported that Samsung was mulling over the idea of discontinuing sales of home appliances and TVs in China this year.

The decision would be in response to the fierce competition posed by Chinese companies, who have been undercutting their rivals.

Last month, Samsung revealed a decline in its TV profit for Q1 due to stagnant demand and rising raw material costs.