Samsung Electronics Co Ltd said on Friday it had promoted the heads of its mobile and consumer electronics businesses as co-chief executives to run the world's biggest technology company by revenue, along with current CEO Kwon Oh-hyun.

The decision is aimed at speeding up the decision making process and ensuring independent operations of its mobile and consumer electronics businesses on the component side, Samsung said in a statement.

Yoon Boo-keun will continue to lead the consumer electronics business, while J.K. Shin oversees mobile and Kwon will be in charge of components.

(Reporting by Miyoung Kim; Editing by Stephen Coates)