Kim Hyun-bin began his journalism career at Arirang TV from 2012 to 2017, specializing in defense, foreign affairs and the economy. In 2018, he joined The Korea Times, covering society and business, and is currently responsible for embassy affairs.
Samsung's top executives gather for 2nd-half business strategic planning
Samsung Electronics headquarters in Seoul / Korea Times file
By Kim Hyun-bin
By Kim Hyun-bin
Samsung Electronics is conducting a global strategy meeting to address the current challenging business environment and come up with turnaround measures amid a deepening global economic downturn, according to company officials Tuesday.
Samsung Electronics Vice Chairman Han Jong-hee, head of the Device Experience (DX) division, commenced the meeting at the company's plant in Suwon, Gyeonggi Province, with the Mobile Experience (MX) business unit on the same day. The Visual Display (VD) and Home Appliances business units will follow on Wednesday, and other departments will join on Thursday. The Device Solutions (DS) division, under the leadership of CEO Kyung Kye-hyun, held its meeting on the same day at the plant in Hwaseong, Gyeonggi Province.
Samsung Electronics' global strategy meetings take place twice a year, in June and December, gathering top executives and overseas branch managers to discuss the current issues of each business division and region. The discussions include sales strategies and other relevant topics.
Approximately 100 executives from the DX division and over 130 executives from the DS division, totaling around 230 domestic and international executives, participated in the meeting both online and offline.
The MX business unit, which contributed to defending the company's first-quarter performance with strong sales of the Galaxy S23, is expected to share its marketing strategies for upcoming products such as the Galaxy Z Fold 5 and Flip 5, set to be launched in the second half of the year. Samsung Electronics will hold its first domestic smartphone unveiling event, "Galaxy Unpacked," in the latter half of next month.
The VD and Home Appliances business units, affected by the economic slowdown, are expected to assess market changes resulting from the COVID-19 endemic and discuss strategies to boost sales and competitiveness in the second half of the year.
The DS division will also evaluate the performance and strategies of each business unit while exploring ways to overcome the semiconductor crisis. Despite expected losses in the second quarter, discussions will cover expanding global new orders in the foundry sector based on the outlook for the latter half of the year, long-term technology development roadmaps and strategies to seize future markets.