S Korea's Samsung Electronics appoints executive vice president

Samsung Electronics Co. Ltd., affiliate of South Korea's top conglomerate Samsung Group, said Tuesday it appointed the son of former Samsung Group chairman Lee Kun-hee as executive vice president of the group.

Lee Jay-yong, 40, was promoted one level from senior vice president to executive vice president, and named to the newly-created position of Chief Operating Officer (COO).

Choi Gee-sung, chief of the company's consumer electronics and mobile phone divisions, was named Chief Executive Officer (CEO) of the company, with previous head Lee Yoon-woo appointed as chairman of the company's board.

"Samsung has recovered well over the past year, thanks to Yoon-woo Lee's leadership and a measured response to the global financial crisis," Choi said in a press release.

"With this forward momentum, we believe now is the time for us to make these important organizational changes to prepare for the challenges and opportunities ahead, " he added.

The personnel reshuffle came amid escalated market speculation on Samsung is realigning its management structure toward Lee.

Lee Jay-yong, starting his career in Samsung in 1991, has been widely expected as successor of his father.