GS Group chairman seeks new paths to success
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GS Group Chairman Huh Chang-soo
By Kang Seung-woo
GS Group Chairman Huh Chang-soo has called for the company’s new executives to challenge new routes to success amid growing business uncertainties.
“As retired American high jumper Dick Fosbury used the back-first technique, we need to venture into new styles of achieving success,” Huh recently said at a dinner with new executives of the conglomerate and its affiliates at a resort on Jeju Island.
Fosbury was the first athlete in the sport to use the method of clearing the high bar at the 1968 Mexico City Olympics and his “Fosbury Flop” now dominates the sport.
“Despite the swiftly changing and uncertain environment, if we constantly seek to find ways to thrive, our efforts will pay dividends,” Huh said.
The dinner was part of the seven-day program for newly promoted executives and Huh has considered the event an important opportunity to communicate with them. Since the group was established in 2005, he has held the dinner annually except for one year because of an overseas business trip.
He forecast that the business environment will be worse this year.
“With the global economy mired in a low-growth trap, protectionism such as Brexit and Trumpinomics is expected to be prevalent and it will increase economic uncertainty,” Huh said.
The chairman added that the nation’s economy also faces a slowdown in exports and consumption along with ongoing political and social uncertainties.
During the meeting, Huh also urged the executives to brace fully for the Fourth Industrial Revolution.
“Along with expanding artificial intelligence and electric cars, the Fourth Industrial Revolution is making swift progress and it will break down traditional industry boundaries and trigger new types of integrations and competition,” he said.
“Eventually, it will be a challenge across all industries. All the new executives are required to take seriously how the change will affect our businesses.”
Huh also stressed that leaders should be responsible and ethical, rather than seeking personal gain.
“An organization with those who take responsibility and make sacrifices can stand out and accomplish remarkable feats,” he said.
Meanwhile, GS Caltex, the group’s flagship affiliate and the nation’s No. 2 oil refiner, logged operating income of 2.14 trillion won ($1.89 billion) for 2016 ― the highest since its foundation in 1967.