Samsung Electronics Co. named Kwon Oh Hyun, its computer-memory chip business head, as vice chairman after he led the company out of the industry’s worst slump. Kwon was promoted at Asia’s largest maker of semiconductors in a broad management reshuffle across Samsung Group companies, South Korea’s biggest conglomerate said in an e-mailed statement. He will continue overseeing chip and display operations at Samsung Electronics, according to the statement.

Samsung Electronics was the only profitable maker of the chips known as DRAM in the third quarter after prices plunged to a record low. The Suwon, South Korea-based company is benefiting from diversification into semiconductors for mobile devices and servers at a time when slowing growth of personal-computer sales has caused other chipmakers to suffer mounting losses.

Source: Bloomberg Businessweek