Samsung has new head of memory chip division

Samsung Electronics has named a new official to take charge of the memory chip division of its semiconductor business, an Associated Press report said.

The Associated Press report said Cho Soo-in, the chief of Samsung's memory chip production center, was promoted to head of the division, according to company spokeswoman Lee Soo-jeong.

Hwang Chang-gyu, Cho's predecessor, remains in his post as president of Samsung's entire semiconductor business, which oversees the memory division, Lee said.

Samsung said its second-quarter net profit fell 5% from the same period last year on price declines for its mainstay DRAM, the report said.

The company's operating profit slumped to its lowest level since the fourth quarter of 2001, when the entire chip industry was suffering from a collapse in prices.

Hwang is a high-profile figure in South Korean business, where he is considered a potential future president of the entire company, the report said.

He became president of Samsung's semiconductor business in 2004, and had been in charge of the memory division since 2000, Lee said.

Besides memory chips, Samsung is also one of the world's top three makers of mobile phone handsets.

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