This restructure may give him the ability to focus more on the segments of the company that excite him.

The division makes sense in that respect. However, we'll have to wait and see whether people will go along with it.
-----------------------------------------------------
What does 'division' refer to?

From your limited data, I would assume the segments of the company.

I agree with PsyDAG. In the restructured company, "divisions" must refer to the newly changed parts of the company.