Bo-eun leads the digital content team. She has covered foreign affairs, North Korea, tech, economy and gender issues at The Korea Times. She did a short stint at the South China Morning Post in Hong Kong, where she obtained a new perspective on news production and life. Small sources of joy for her are lounging in the sun, having a good latte and swimming.
Four major groups brace for tough year ahead
The heads of Korea's four biggest conglomerates toast each other at a government New Year event held at the Korea Chamber of Commerce and Industry in January this year. / Yonhap
By Kim Bo-eun
By Kim Bo-eun
Samsung, Hyundai, SK and LG are spending the last weeks of the year finalizing key strategies for 2021. Given the COVID-19 pandemic is expected to continue for some time into next year, and local regulations that will squeeze businesses are set to be passed, the conglomerates are seeking opportunities amid what is expected to be a tough business climate.
The groups are also preparing for possible changes in U.S. policies regarding the environment, labor and trade after President-elect Joe Biden takes office next year.
Scheduled from Tuesday through Thursday, Samsung Electronics has convened a meeting of 400 executives online to devise key strategies for 2021. Usually, the heads of overseas subsidiaries come to Korea for the meeting at the end of the year, but this year it is taking place online due to COVID-19.
The meeting is the first for new heads of divisions, appointed after Samsung's reshuffle and reorganization took place earlier this month.
Executives discussed strategies for information technology and mobile communications, Tuesday, with the focus being on the Galaxy 21 ― to be released early next year ― and Samsung's strategic smartphone models such as foldable and flip phones.
On Wednesday, they covered the consumer electronics division, looking for ways to expand global sales of the firm's QLED TVs and to make its micro LED TVs more popular ahead of the International Consumer Electronics Show (CES) in January.
Executives will address strategies for semiconductors, Thursday, discussing ways to ensure a stable supply of chips including DRAM, given an expected surge in demand heading into next year. Other expected topics are investments in the foundry sector and strengthening Samsung's non-memory business.
Hyundai Motor Group is also set to finalize its business strategies for next year, following its divisional leadership reshuffle.
Hyundai is planning to launch an EV built around the E-GMP platform. The group is also laying the groundwork for future projects led by Chairman Chung Eui-sun, including urban air mobility, hydrogen fueled vehicles and robotics.
SK Group, which has led in ESG management under Chairman Chey Tae-won, is set to accelerate this drive next year. The group's strategies were discussed at a seminar for CEOs that took place on Jeju Island in October.
As part of ESG management, SK will launch a hydrogen business next year to become more eco-friendly. The group set up a team this month to oversee the new business.
SK also faces the key task of launching an intermediate holding company next year.
The fourth-largest conglomerate LG completed its business plans centering on diversifying growth engines for next year in October.
Earlier this month the group launched LG AI Research, a unit that will be in charge of artificial intelligence. The company scouted University of Michigan professor and AI research scientist formerly with Google Lee Hong-lak, to lead the unit.
LG Electronics also set up a new North America innovation center under its chief strategy office and scouted former U.S. National Institute of Standards and Technology Associate Director Rhee Sok-woo to head the center.
A major task of the group is to successfully split off its non-electronics affiliates, to be headed by Koo Bon-joon, an uncle of LG Group Chairman Koo Kwang-mo and younger brother of the late LG Group Chairman Koo Bon-moo. The new group is set to launch in May.
“Given the COVID-19 situation around the world, supply chain management has become an important task. Online marketing strategies are also a key point,” an official of the conglomerate said.