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Leaders of Samsung Electronics Co.’s mobile-phone unit may be replaced as the controlling Lee family tries to revive a business where profits slumped by $4.5 billion as upstart Chinese vendors won market share.

The management restructure, part of a revamp across the more than 70 companies that make up Samsung Group, is the first under heir apparent Lee Jae Yong since his father Lee Kun Hee was hospitalized in May after a heart attack. Hundreds of executives at companies including Samsung C&T Corp. and Samsung Heavy Industries Co. are expected to change jobs.

It follows shifts to the U.S. marketing ranks earlier this year, including changes earlier this month as the mobile division shrank despite an outsized advertising presence.

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