Samsung Electronics Co., is considering a major revamp of its senior management next month in an effort to revive its fortunes, The Wall Street Journal reported, citing people familiar with the move. J.K. Shin, head of the company's struggling mobile division, could lose his position in the move, sources reportedly said.

The plans, which could reportedly be part of Samsung’s annual year-end reshuffle, could help the company fight off Chinese rivals and their low-cost smartphones. B.K. Yoon, who handles Samsung’s home-appliance and television business, could be part of the mobile division if the management overhaul takes place, the Journal reported.

“A large-scale leadership change at the mobile division may come,” Chung Chang Won, an analyst at Nomura Holdings Inc. in Seoul reportedly said. “The top leadership who misstepped in the mobile business will have to pay the price.”

Kwon Oh-hyun, who is in charge of divisions dealing with semiconductors and display panels, may continue his duties in the same position, sources reportedly said, adding that none of these decisions are finalized.

The restructuring could be an attempt by the South Korean electronics giant to revive its leadership position after a difficult year when the company’s third-quarter profits fell 60 percent, the Journal reported.

According to The Financial Times, which cited experts, Lee Don-joo, president of strategic marketing, could become the head of the mobile division. Lee recently hosted the company’s global launch of the Galaxy Note 4.

Samsung declined to comment on any possible changes in its top management, according to the Journal.