South Korean memory chip giant Samsung Electronics has named Yoon-Woo Lee as its new vice chairman & CEO.

The company had said on Wednesday that CEO Yun Jong-yong will be replaced, just weeks after group chairman Lee Kun-hee said he would step down after a tax evasion indictment.

A shakeup in Samsung's top management was widely expected after Lee's shock resignation announcement on April 22.

The company, the world's biggest maker of memory chips and LCD screens, said it had also replaced Hwang Chang-gyu, the top executive at its semiconductor business in what it called the biggest management reshuffle in recent years.

Shares in Samsung Electronics remained stable after the announcement, down 0.27 percent at 733,000 won.

'The latest measure reflects the company's determination to focus on developing future growth engine(s), and to find a new momentum to become a world leading company,' the company said in a statement.

Newly-appointed CEO Lee Yoon-woo was head of the semiconductor business from 1996 to 2004.

'Since Chairman Lee Kun-Hee announced reform plans in April, Vice Chairman Yun offered to step down as he believed it was the right time to resign and let his junior colleague take over to lead the company,' Samsung said.-Reuters