It is reported that Samsung Group recently disbanded its new businesses team, and all team members are reinstated on July 1.
But it was rumored that the former head of the future strategy Office led Shunze Jin who is the head of the new business team to leave Samsung, in addition, the development of new businesses Samsung was ambitious about is not as good as expected, which caused that the new business team is eventually disbanded.
Samsung's new business team was set up in 2009 based on the new business group. After the establishment of new business team, Samsung has announced that it will invest 23.3 trillion won for the five new businesses until 2020. These five new strategic businesses are solar, LED, rechargeable batteries for petrol-electric hybrid cars, bio-pharmaceutical and medical devices.
Most of the new businesses have not tasted any sweetness in the past three years. Some even thought that the new businesses Samsung has chosen are wrong. Samsung LED was incorporated in the LED Division of Samsung Electronics at the end of 2011, and the revenue increased by about 1 trillion won last year.