Samsung Electronics on Thursday announced that it has appointed a new chief executive. Kwon Oh-hyun, the current head of Samsung’s component business, will assume the CEO role as former chief Choi Gee-sung shifts to a new position as corporate strategy boss. “Choi is the best candidate who can chart Samsung through the global economic crisis and ever-intensifying competition,” Samsung said in a statement, according to Reuters. “Under Choi, Samsung plans to pursue innovative changes.” Kwon, the company’s new chief executive, is credited with pushing Samsung to a leading position in the memory chip industry, where it currently has a 50% share of the global market. He also drove the company’s expansion into logic chips, which now account for approximately 40% of Samsung’s revenue.