Year-End Struggles of Leaders Amid Uncertainty... Hampered by the Spread of Omicron Variant

[Image source=Yonhap News]

[Asia Economy Reporters Kim Heung-soon and Jung Hyun-jin] As the Omicron variant spreads worldwide ahead of the New Year, increasing global economic uncertainty, the year-end schedules of major group chairpersons are also being disrupted. Although overseas business trips were planned to outline next year's business strategies and seek future growth engines, the resurgence of COVID-19 challenges is expected to deepen their concerns.

According to the business community on the 24th, Park Jung-won, chairman of Doosan, had planned to attend CES 2022, the world's largest electronics and IT exhibition held in Las Vegas, USA, from January 5 to 8 next year, but recently decided to cancel the trip considering the Omicron situation. Last January, when Doosan first participated in CES, Chairman Park personally led the effort and expressed enthusiasm about attending the early next year's offline event after two years, citing leading the latest technology trends. He was scheduled to attend alongside Vice Chairman Park Ji-won. Doosan Group planned to set up a large booth at CES 2022 and showcase new technologies from most of its affiliates, but the number of dispatched employees is expected to be significantly reduced due to the Omicron spread.

Choi Tae-won, chairman of SK Group, and Chung Eui-sun, chairman of Hyundai Motor Group, are also closely monitoring the spread of the Omicron variant. Chairman Choi was expected to attend CES 2022, where SK Group’s major affiliates would set up large booths focusing on the green industry, together with his younger brother and SK Group Senior Vice Chairman Choi Jae-won, but it seems they have decided not to attend. Only Senior Vice Chairman Choi Jae-won, who frequently visits CES, is expected to participate.

Chairman Chung Eui-sun plans to personally present new technologies and visions at Hyundai Motor Group’s booth at CES 2022 and is determined to attend, but he will make a final decision next week after closely observing the local COVID-19 situation. Meanwhile, Chung Ki-sun, third-generation management and Hyundai Heavy Industries Holdings executive, is scheduled to travel to the U.S. to attend CES 2022 as planned.

Samsung Electronics Vice Chairman Lee Jae-yong is expected to take advantage of the court recess period at the end and beginning of the year to embark on an overseas business trip. Having started a North American trip last month and visited the United Arab Emirates (UAE) earlier this month, it is speculated that this time he might visit China or Europe. However, Xi’an, China, where Samsung Electronics’ memory semiconductor plant is located and was considered a likely destination, has effectively entered lockdown measures since the 22nd due to COVID-19 spread, making an on-site visit burdensome. The Xi’an plant is currently operating as usual.

LG Group Chairman Koo Kwang-mo is reported to be planning to focus on management strategies domestically during the year-end after delivering an early New Year’s address on the 20th. In his address, Chairman Koo presented a vision to "create valuable customer experiences that are hard to revert once experienced." Entering his fifth year in office, he is expected to seek business expansion utilizing future new technologies such as artificial intelligence (AI), robotics, and automotive electronics.

Meanwhile, major conglomerate chairpersons are expected to attend a Blue House event hosted by President Moon Jae-in on the 27th. President Moon plans to invite and express gratitude to the heads and CEOs of major domestic companies contributing to youth job creation, including Samsung, Hyundai Motor, SK, LG, POSCO, and KT. Vice Chairman Lee, Chairman Chung, Chairman Choi, Chairman Koo, POSCO Group Chairman Choi Jung-woo, and KT CEO Koo Hyun-mo are among those invited.

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