Samsung Electronics to hold companywide global strategy meeting next week

Samsung Electronics building [Photo by Lee Seung-hwan]

Samsung Electronics Co. will kick off a two-day companywide global strategy meeting next Thursday to discuss business strategies and action plans for next year amid worsening global economic conditions.

The bi-annual meeting, taking place in June and December every year, is attended by the South Korean tech giant’s senior executives from home and abroad. The meeting will be held both in-person and virtually due to ongoing Covid situation.

The companywide meeting for the Device eXperience (DX) division, overseeing smartphone and home appliance businesses, will be held on Dec. 15-16. The Device Solution (DS) division, responsible for memory chip and foundry businesses, will kick off its meeting on Dec. 22.

The upcoming meetings are expected to focus on strategies to counter growing business challenges, from worldwide inflation to strong dollar and sluggish global demand for chip, smartphone and other key products.

Samsung Electronics saw its third-quarter operating income plunge 31.4 percent year-on-year amid global economic downturn.

While sales are slowing down, its inventories are building up rapidly. The company reported its inventory assets totaled at 57.3 trillion won ($43.9 billion) in the July-September period, jumping 38.5 percent from 41.4 trillion won at the end of 2021. Semiconductor inventory increased by 10 trillion won to 26.4 trillion won over the same period.