Samsung Electronics Co has named Kwon Oh-hyun, the head of its components business, as its new chief executive, replacing Choi Gee-sung, who it said will assume a new role.

"As before, Vice Chairman Kwon will oversee the company's component business, but, as CEO, will also handle corporate wide affairs," Samsung group said in a statement.

Choi will retain his seat on Samsung Electronics board and assume the role of the head of Samsung Group Corporate Strategy Office to focus on future growth engines for the entire Samsung group of companies.

Jay Lee, the son of Samsung Electronics chairman Lee Kun-hee, will remain as chief operating officer, Samsung said.