Korea’s major groups to hold meetings to address business uncertainties

Han Jong-hee, vice chairman and head of the division at Samsung Electronics Co. [Photo provided by Samsung Electronics]

Major South Korean conglomerates, such as Samsung Group, SK Group and Hyundai Motor Group, plan to hold their respective business strategy meetings in the second half to come up with measures to respond to the increasingly challenging global business environment amid supply chain conflicts between the U.S. and China.

According to multiple sources from the conglomerate circle on Tuesday, Samsung Electronics Co. will hold a strategic meeting for its Device eXperience (DX) Division from June 20 to 22 presided by Han Jong-hee, vice chairman and head of the division. The meeting is expected to focus on exploring ways to strengthen the competitiveness of its home appliance business, which has suffered sluggish performance due to the deteriorating global economy, and marketing strategies for the upcoming Galaxy Z Fold 5 and Flip 5, which will be released later this year.

The Device Solutions (DS) Division., led by Samsung Electronics President Kyung Kye-hyun, will also hold a strategy meeting on June 20 to discuss the timing of a rebound in the chip industry following production cuts and review future strategies, including securing super-gap technologies such as artificial intelligence.

SK Group will hold an expanded management meeting on June 15 at in Icheon, Gyeonggi Province. Chairman Chey Tae-won is expected to attend the meeting to review the management performance from the first half of the year and establish strategies for the second half.

Hyundai Motor Co. and Kia Corp. will also hold their respective meetings of heads of global subsidiaries in Korea in July to review regional strategies and overall global strategies. The meetings will focus on reviewing sales performance in the first half and setting management goals for the second half.

Lotte Group, meanwhile, plans to hold a meeting with the Lotte Group Chairman Shin Dong-bin and the chief executive officers of the group‘s affiliates in July to discuss second-half management strategy and strategies for establishing a foundation for sustainable growth amid the economic slowdown.

LG Group has already held a series of first-half strategy meetings for each affiliate since May 8 to review future business directions.