Samsung shuffles its executive cards

Samsung LCDIn a bid to stay competitive, Samsung is about to slim down its executives and put together new business units.

According to a report in the Korea Times, Samsung has 353 top executives but promises to cut the number and remove some positions.

The move also means a rationalisation of its premises, moving people around both in its home country and abroad.

Although Samsung hasn’t officially confirmed that as many as a third of executives will lose their positions, it has confirmed that the cull will happen.

Samsung is in fierce competition with fledgling Chinese companies and feels it needs to cut costs to stay in the game.

The company has a wide range of business lines and the Korea Times reports that Samsung Heavy and Samsung Engineering may be combined, with layoffs certain.