Impact of COVID-19... Corporate New Year's Kickoff Ceremonies Fade into History

Major Companies like Samsung and LG Expected to Shift Online

Hyundai Motor Company’s New Year Kickoff Ceremony held earlier this year (archival photo)

[Asia Economy Reporter Changhwan Lee] Due to the spread of the novel coronavirus infection (COVID-19), major companies are significantly scaling down their year-end closing ceremonies and New Year's opening ceremonies. Face-to-face events are virtually impossible, so most are replacing them with light online events. It has been identified that some companies are even eliminating the closing and opening ceremonies altogether during this opportunity.

According to the business community on the 23rd, LG Group has decided not to hold the New Year's opening ceremony next year, following this year. This is in line with the practical approach emphasized by Chairman Koo Kwang-mo, and LG plans to deliver Chairman Koo's New Year's address to employees worldwide via a video message early next year.

In his New Year's address, Chairman Koo is expected to emphasize the management philosophy of prioritizing customer value, as well as future technologies that LG focuses on, such as digital transformation, artificial intelligence (AI), robotics, and secondary batteries.

SK Group, which used to hold New Year's gatherings every year, has also canceled next year's event considering the COVID-19 situation. Instead, Chairman Chey Tae-won’s New Year's address is expected to be shared through the company bulletin board and employees' emails. Like LG, SK Group is considering replacing the offline opening ceremony with an online event that distributes only the chairman's message during this opportunity.

Chairman Chey is expected to emphasize in his New Year's address the need for fundamental changes toward ESG (environment, social, and governance) management to overcome crises.

Samsung is also considering holding the opening ceremony online without an offline event. Since 2015, when the late Chairman Lee Kun-hee collapsed, Samsung has held opening ceremonies by affiliate. Samsung Electronics holds the opening ceremony at its headquarters in Suwon, Gyeonggi Province, where among the three CEOs, Senior Vice Chairman Kim Ki-nam, the senior member, delivers the New Year's address emphasizing future vision and overcoming crises. However, this time, considering the COVID-19 situation, the opening ceremony is expected to be held online, with Vice Chairman Kim delivering a video message.

Considering that Vice Chairman Lee Jae-yong is currently on trial, it is highly likely that he will not issue a separate New Year's address. Instead, he is expected to deliver various management messages through on-site management, including super-gap strategies, New Samsung, and the global business environment.

Hyundai Motor Group is also likely to deliver Chairman Chung Eui-sun’s New Year's message through in-house broadcasting or similar formats. As Hyundai Motor Group is recently accelerating its transition to a future mobility solutions company, Chairman Chung is expected to call for a shift in mindset to lead innovation in urban air mobility (UAM), hydrogen fuel, and robotics businesses in his New Year's address.

This content was produced with the assistance of AI translation services.