Samsung Electronics will overhaul its personnel evaluation and appointment system to better respond to the changing global corporate environment and to secure a foundation for sustainable growth.

According to the company on Monday, the new system, set to take effect on January 1, will merge ranks among executives, while scrapping a mandatory quota system on years worked which had to be filled before a promotion could be considered. 

Promotions instead will be based on achievement and expertise, opening up the possibility of those in their 30s and 40s to enter the C-suite. 

In a bid to reinforce a horizontal relationship within the organization, Samsung Electronics will hide each employee's rank and number of years at the company on its intranet. The company will abolish its annual promotion announcement in March.

The tech giant also said it will also improve its employee evaluations through the introduction of peer reviews and absolute evaluations.