Samsung Electronics announced a shakeup of its leadership on Tuesday and said it will maintain its current three co-CEO management structure.

Kinam Kim will replace the company's Vice Chairman and CEO Oh-Hyun Kwon who earlier this month announced his decision to step down from management. Kim will head the device solutions business.

Kim served as the president of the semiconductor business at Samsung and is a seasoned veteran at the company, having joined in 1981. He led developments of various memory technologies and is said to have been Kwon's "right-hand man" in Samsung's hierarchy.

In other leadership changes, Hyunsuk Kim will replace Boo-Keun Yoon as president and head of the consumer electronics business. Hyunsuk Kim previously served as the head of Samsung's visual display business.

Meanwhile Dongjin Koh will take over from Jong-Kyun Shin as president and head of the IT and mobile communications business — the division that oversees Samsung's family of smartphones.

Koh oversaw the development of Samsung's flagship Galaxy smartphones and was responsible for the turnaround efforts following the botched Galaxy Note 7 launch last year.

Boo-Keun Yoon and Jong-Kyun Shin said they have decided to follow Kwon and make way for new leaders, according to Samsung.

The new appointments are effective immediately.

Meanwhile, Sang-Hoon Lee leaves his position as the company's chief financial officer, effective immediately. Samsung said Lee has been "recommended by outside Board members to be Chairman of the Board and succeed Mr. Kwon next March."