Samsung chief Jay Y. Lee in U.S. to bolster global network

Verizon CEO Hans Vestberg and Jay Y. Lee

Jay Y. Lee, executive chairman of Samsung Electronics Co., has embarked on a two-week trip to the United States to strengthen the company’s global network amid business challenges at home and abroad.

According to Samsung Electronics, Lee departed for the U.S. on May 31. His itinerary includes New York, Washington D.C. and Silicon Valley. The company said the trip is “tightly scheduled” and will last until mid-June.

On Tuesday, Lee met with Hans Vestberg, chief executive officer of Verizon Communications Inc. in New York to discuss cooperation in next-generation communications and sales of new Galaxy products.

The leaders exchanged views on artificial intelligence-based technologies and services, 6G communications and cooperation in the sales of upcoming Galaxy products.

Near-term collaboration plans discussed include joint promotions for new Galaxy products and enabling AI feature experiences in Verizon stores.

Key Samsung executives, including Roh Tae-moon, head of the mobile experience (MX) division, Kim Woo-june, head of the network business division, and Choi Kyung-sik, president of Samsung Electronics North America, attended the meeting.

After the meeting, Lee is known to have expressed his determination to his executives to “excel in competitive business areas and pioneer new ventures,” indicating a commitment to securing a competitive edge in areas such as foundries, smartphones and home appliances, as well as future industries such as next-generation memory chips and 6G technology.

Verizon stands as Samsung‘s largest global telecommunications customer, with the two companies maintaining a close partnership not only in smartphones but also in network equipment.

Their 2020 contract for 5G network equipment, valued at 7.9 trillion won ($5.8 billion), remains the largest single export contract in Korea’s telecommunications equipment history, underscoring Samsung‘s significant presence in the U.S. 5G market.

Lee and Vestberg have maintained a strong relationship since they met at the 2010 Mobile World Congress (MWC) in Spain, leading to major partnership deals.

Lee’s robust global network, including ties with leaders of major U.S. tech companies like Nvidia Corp., Meta Platforms Inc., Apple Inc., and Tesla Inc., as well as figures like Bill Gates, Masayoshi Son, and Mukesh Ambani, reinforces his leadership.

During this trip, Lee aims to further strengthen North American networks by meeting with AI industry leaders.

Discussions are anticipated with a range of big tech companies, from AI chipmaker Advanced Micro Devices Inc. (AMD) to data center specialists like Amazon.com Inc.