This undated photo shows a Samsung Electronics Galaxy Z Fold 3 smartphone. (SEONGJOON CHO / BLOOMBERG)

Samsung Electronics Co is combining two of its three business lines and appointing new leaders to replace its three co-chief executive officers in its first major management shakeup since 2017.

The succession sees Kyehyun Kyung step in to lead the company’s Device Solutions group, which encompasses its key semiconductor business lines such as memory, logic processors and chipmaking for outside customers. Jong-Hee Han is heading up the newly merged SET Division, which will include the mobile business previously led by Dongjin Koh and the consumer group that co-CEO Hyunsuk Kim had been in charge of, according to a company statement Tuesday.

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The move simplifies the company’s operational structure, segmenting its semiconductor and consumer groups. As part of the reorganization, Samsung also announced that Hark Kyu Park will be its new chief financial officer, having previously held a post in the Device Solutions team.

Samsung Electronics shares were little changed in early Seoul trading on Tuesday and down about 6 percent for the year.