Samsung Replaces CEOs, Merges Units in Shake-Up

SEOUL—Samsung Electronics Co., in a surprise move, replaced the heads of its three major business units and merged the company’s mobile and consumer electronics businesses into a single unit.

The shake-up leaves two co-CEOs atop the world’s largest maker of smartphones, televisions and semiconductors. Samsung has ambitious investment plans to compete against Taiwan Semiconductor Manufacturing Co. on advanced chipmaking, while striving to fend off Chinese rivals with phones and other gadgets.

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