Samsung Electronics unveiled a massive shake-up of its leadership team and the merger of its mobile division with the wider consumer business, as it seeks to improve synergies and accelerate product development.

In a statement, the electronics giant announced the new structure combining its former IT and Mobile Communications and Consumer Electronics businesses into a single unit known as its SET Division.

Leading the SET Division will be newly-promoted vice chairman and co-CEO of Samsung Electronics Jong-Hee Han. Previously the executive was head of the electronics giant’s visual display business, a role he will continue in tandem with his new responsibilities.

Among the many other management changes, CEO of Samsung Electro-Mechanics Kye Hyun Kyung becomes fellow co-CEO of the Electronics business and will also head-up its semiconductor-focused DS Division.

Alongside new co-CEOs, Samsung Electronics appointed a new CFO, Hark Kyu Park, who was previously head of corporate management office in its semiconductor division.

Current CFO Choi Yoon-ho was reported by The Korea Herald to be set to become CEO of Samsung’s SDI battery division.

In a translated statement detailing the rationale for the creation of the SET Division, Samsung noted the combined unit would allow it to create differentiated products and services focused on customer experience.

It added the new management team would “lead change” in the face of “intensifying global competition”.

The company expects to announce further executive reshuffles and restructuring in 2022.