Samsung's 84th Anniversary... A Quiet Celebration This Year Too

LG Also Skips 75th Anniversary Celebration Event on the 27th

[Image source=Yonhap News]

[Asia Economy Reporter Park Sun-mi] Samsung marked its 84th anniversary on the 22nd. Amid the prolonged 'judicial risks' surrounding Vice Chairman Lee Jae-yong and Samsung, the company decided to quietly observe the day without holding a separate commemorative event.

According to business circles on the 22nd, Samsung will not hold a separate anniversary event on this day. Since the dissolution of the Future Strategy Office in February 2017, the group has omitted group-level anniversary events, and this year it has decided to continue this policy of not holding an anniversary event.

Samsung's original founding anniversary was March 1, the date when Samsung Sanghoe (now Samsung C&T), the group's origin, was established. However, after the late Chairman Lee Kun-hee's declaration of a 'second founding' in 1988, March 22 has been recognized as the founding anniversary. Samsung C&T also decided not to hold any separate founding events on this day, except for basic awards such as exemplary and long-service awards by business division.

The judicial risks surrounding Vice Chairman Lee and Samsung have entered a prolonged phase, and the prevailing view is that the atmosphere of not holding separate founding anniversary events will continue for the time being. Although group-level founding anniversary events have disappeared, it is expected that Samsung Electronics' 53rd founding anniversary event on November 1 will continue. Last year, despite the COVID-19 situation, Samsung Electronics held a founding anniversary ceremony attended by employees, and Vice Chairman Lee visited Haeinsa Temple with his mother, former Leeum Museum Director Hong Ra-hee, to commemorate the first anniversary of the late Chairman Lee Kun-hee.

In the business community, as the COVID-19 crisis prolongs and a culture emphasizing autonomous management by affiliates rather than formal group events is forming, the trend of not observing group-level founding anniversaries is spreading. LG, which will mark its 75th anniversary on the 27th, also decided not to hold a separate commemorative event except for giving substitute holidays to employees of all affiliates on the 8th of next month.

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