CEOs See Crisis as Chance
By Lee Hyo-sik
Staff Reporter
Leaders of conglomerates may differ over ways to tide over the ongoing global crisis but are in agreement to turn it into an opportunity for the better, whether it be their bottom line, risk management or market shares.
In a New Year's speech Friday, CEO and Vice Chairman of Samsung Electronics Lee Yoon-woo said that employees of the global electronics giant should make every effort this year, not only to overcome the current business downturn through can-do sprit and creativity, but also to enhance the firm's ability to grow in the future.
``We should work harder to strengthen our growth potential and flexibility so that we can survive under any circumstances. In 2009, we need to go back to the basics to increase corporate efficiency and cut costs,'' Lee said.
The CEO then said the company should continue to solidify its global lead in the areas of semiconductor, LCD, TV and cell phones by expanding sales networks and introducing state-of-the-art products.
``We should not sit idle just because market conditions are bad. When the market is bad, we should work harder to find areas of new growth and boost research and development investments in our core technologies. We also need to turn Samsung into the most respected and trusted company by customers, business partners and shareholders in celebration of the firms' 40th founding anniversary this year,'' Lee stressed.
Meanwhile, GS Group Chairman Huh Chang-soo said the group should transform the crisis into a new business opportunity, stressing employees should translate plans into action.
``The current economic slowdown is said to be worse than the one after the 1997-98 Asian financial crisis. We should remain alert at all times and the speedy decision-making process is critical to business success. All GS members must promote communication and cooperation among themselves,'' the chairman said.
He then said the company should make a timely investment and work hard, adding it would have no future if it does not have a can-do spirit, reflecting the group's recent failure to take over Daewoo Shipbuilding and Marine Engineering.
Huh himself has been widely criticized for his risk-averse business style as he withdrew a bid to acquire the shipbuilder at the last minute.
SK Group Chairman Chey Tae-won also said his group should make decisions in a timely manner and put plans into action.
``We are currently facing the biggest crisis in a decade. Our future depends on how fast and flexibly we can adapt to the rapidly changing business environment at home and abroad. SK members should make an all-out effort to strengthen growth potential and nurture new growth engines,'' Chey said.
Kumho Asiana Group Chairman Park Sam-koo said his company will place top priority on integrating newly acquired units into exiting areas and bolster its growth potential.
``We should mobilize our workforce to full capacity to boost productivity and reduce costs to boost its bottom line. We will refrain from making new investments for the time being,'' Park said. The group has been grappling with a liquidity shortage after a series of mega mergers and acquisitions over the past few years. Its cash flow has worsened since the onset of the global credit crunch last summer.
The chairman also said the group will do its best to employ more people, improve the quality of life of employees and customers, and implement other activities to fulfill its corporate responsibility.