Samsung Electronics announces leadership changes in chip divisions; shares decline.

• Samsung Electronics announced a leadership change for its memory and foundry chip divisions.
• Jun Young-hyun was appointed as co-CEO and head of the memory chip arm, while Han Jin-man became the president and head of the foundry business at the South Korean tech giant.

On Wednesday, Samsung Electronics announced changes in the leadership of its memory and foundry chip divisions, as the company faces intense competition in the semiconductor industry.

Jun Young-hyun was appointed as co-CEO and head of the memory chip arm, while Han Jin-man became the president and head of the foundry business at the South Korean tech giant.

Shares of the tech giant fell 3%.

Investors are concerned that the company's stock is declining, as it lags behind competitors such as SK Hynix in developing advanced chips.

In the third quarter, the semiconductor division's profit guidance was disappointing, prompting Jun, who has been in charge since May, to issue a rare apology.

According to Citi analysts, Samsung is undergoing an operational change while maintaining stability, as evidenced by the lack of significant changes in top management.

The analysts predicted that YH Jun's leadership would help Samsung overcome business uncertainty.