Major companies conduct strategic meetings to address uncertainties

The Korea Times

The Korea Times

Business

Sat, September 30, 2023 | 06:24

Major companies conduct strategic meetings to address uncertainties

Posted : 2023-06-06 16:02

Updated : 2023-06-07 10:14

Samsung Electronics headquarters in Seoul / Korea Times file

By Kim Hyun-bin

Major companies such as Samsung and SK are holding consecutive strategic meetings to discuss measures for the second half of the year in response to market changes to secure future growth opportunities. The changes they seek to address include the transition to an endemic phase, prolonged global economic uncertainty and uncertainties in domestic companies' management due to the escalating U.S.-China power rivalry and supply chain disruptions.

Samsung Electronics is scheduled to hold a global strategy meeting at the end of this month. The company's executives, including management and overseas branch managers, will gather both online and offline to discuss business strategies and crisis responses.

Samsung's global strategy meetings take place twice a year ― in June and December ― bringing together executives from various business units and regions to share current issues and exchange opinions on sales strategies.

SK Group will hold the "2023 Expanded Management Meeting" on June 15 at the SKMS Research Center in Icheon, Gyeonggi Province. The Expanded Management Meeting of SK Group, along with the Icheon Forum in August and CEO Seminar in October, is an annual meeting where top executives of SK Group gather to discuss management strategies.

Chairman Chey Tae-won and other key executives are expected to attend the meeting to review the management performance from the first half of the year and establish strategies for the second half. The meeting will focus on discussing measures for the semiconductor business, one of the future growth drivers of the group, which has been severely affected by economic uncertainties. Discussions on environmental, social and corporate governance (ESG) management are also expected to take place.

LG Group has already held a series of mid-year strategy meetings for each affiliate company since last month to review future directions. Every year, LG Group holds two business reporting meetings for all affiliate companies, covering management performance and business strategies.

Lotte Group plans to hold the Value Creation Meeting, which serves as a discussion forum for the second-half management strategy, in July. Chairman Shin Dong-bin, along with representatives from various subsidiaries, will participate in the meeting to discuss strategies for establishing a foundation for sustained growth amid the economic crisis.

Hyundai Motor Group holds a global subsidiary CEO meeting in Korea every July to review regional strategies and overall global strategies.

hyunbin@koreatimes.co.kr