Samsung Electronics on Wednesday announced changes in the leadership of its memory and foundry chip divisions, as the company faces intense competition in the semiconductor space. The South Korean tech giant appointed Jun Young-hyun as co-CEO and head of the memory chip arm, while Han Jin-man will become the president and head of the company's foundry business. Samsung Electronics was once the leading force in the memory chip sector, and appeared well-positioned to take advantage of the boom in artificial intelligence. Last month, Jun, who has been overseeing the semiconductor division since May, issued a rare apology after the company posted disappointing third-quarter profit guidance. Samsung's chip business posted a sharply lower third-quarter profit compared to the previous quarter.

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Persons: Jun Young, Han Jin, Nam Seok Woo, Samsung Organizations: Samsung Electronics, South, Samsung, SK Hynix, Nvidia, Citi, Device Solutions