According to reports, Samsung Electronics has named Jun Young-hyun the new head of its memory chip business and co-CEO, while Han Jin-man will become the head of the foundry business and be promoted to president.

Additionally, Samsung appointed Nam Seok-woo, the head of engineering and operations for chip manufacturing, as the chief technical officer for the foundry division.

The significant change to its top ranking coincides with a steady decline in the tech giant's stock since August, fueled by investor concerns that it is falling behind its competitors in providing Nvidia with high-end chips in the rapidly expanding AI industry.

The corporation claimed that it was addressing a "chip crisis" when it appointed Jun, the new chief of memory chips, to lead the semiconductor division in May.

He expressed regret for its poor performance at the beginning of October and said that a delay had affected its AI chip business with an unnamed significant client.

A new president of management strategy at the Device Solutions (DS) division is also among the appointments that were made public.

Samsung Electronics president and CFO Park Hark-kyu will join the Business Support Task Force; his replacement has not yet been announced.

The July-September quarter saw a 40 percent quarter-over-quarter decline in Samsung's semiconductor business's profits as the company has been unable to keep up with rivals TSMC and SK Hynix, which reported record third-quarter profitability thanks to the artificial intelligence boom.

Samsung shares, which have dropped more than 25 percent this year, are among the worst-performing major chipmakers due to concerns about the effects of US tariffs under the incoming new administration of US President-elect Donald Trump.