GS chairman stresses importance of management principles

By Nam Hyun-woo

GS Chairman Huh Chang-soo

GS Group Chairman Huh Chang-soo demanded unit CEOs be more faithful to basic management principles, stressing a strong fundamental ability always reveals the right path to overcome challenges, according to the group, Thursday.

Huh made the remarks during a meeting of 150 GS unit executives including CEOs at the group's headquarters in Gangnam-gu, Seoul.

“The environment surrounding our businesses is worsening due to Korea's structural problems including low birthrate and external issues such as U.S.-China and Korea-Japan trade conflicts,” Huh was quoted as saying to the executives. “And these are lowering the country's exports and discouraging domestic investment.”

Huh stressed that objective recognition of the current environment, active responses and self-scrutiny on each unit's portfolio are required to overcome those difficulties and these are the basic principles that CEOs should not underestimate.

“We need to analyze the current business environment thoroughly and come up with strategies that cater to respective scenarios, and we have to do that in an active fashion,” Huh said. “Like an old saying that 'the proper principles always show the right path,' we should save no efforts in enhancing our fundamental ability and following our basic management principles.”

During the meeting, the chairman also urged the group to study the ideas and purchasing patterns of millennials, adding the group should always check whether it is appealing to the young generations.

In line with Huh's suggestions, GS units have been staging a number of businesses that overcome borders between industries. Since May, refinery unit GS Caltex has been installing electric vehicle charging facilities at 50 GS Caltex gas and LPG stations across the country.