Samsung Electronics Co. plans to drastically cut its chip executive jobs and restructure semiconductor-related operations as it struggles to compete with rivals such as SK Hynix Inc. and Micron Technology Inc. in the advanced memory segment amid the AI boom.

Samsung, the world's top memory chipmaker based in South Korea, is conducting an audit of the memory department under its Device Solutions (DS) division, which oversees its semiconductor business.

People familiar with the matter said on Thursday that the review, directed by Vice Chairman Jun Young-hyun, the head of the DS division, will lead to significant job cuts at the president level.

A major executive reshuffle will be carried out during its year-end personnel changes, sources said.

They said the company will also streamline its foundry, or contract chipmaking business, which is losing trillions of won, and reorganize the Semiconductor Research Center, which is responsible for developing future chip technologies.