The '3 Highs' Economic Crisis Approaches... The Five Major Group Heads Face a 'Hot Summer'

Vice Chairman Lee Jae-yong Likely to Visit US
Possible Discussions on Supply Chain Response

Chairman Choi Tae-won Heads to US
Expected to Meet Green Business Partners

Chairman Chung Eui-sun Attends UK Airshow
Meets CEOs of Global Aviation Companies

Chairman Koo Kwang-mo Announces Short Vacation
Focuses on Managing Current Issues

Chairman Shin Dong-bin Has No Vacation Plans
Devoted to Exploring Second Half Management Strategies

[Asia Economy Reporter Oh Hyung-gil] The heads of the five major conglomerates are expected to spend a hectic summer vacation. Facing a complex economic crisis of ‘three highs’?high inflation, high interest rates, and high exchange rates?they have announced management activities aimed at finding ways to overcome these challenges.

According to the business community on the 20th, Samsung Electronics Vice Chairman Lee Jae-yong is expected to focus on management activities for three weeks as no trials will be held during the summer recess. After attending two hearings on the 21st and 22nd, there are no scheduled trials until the 11th of next month.

Earlier, at the end of last year, Vice Chairman Lee visited the United Arab Emirates (UAE) when he had nine days of free time due to the court’s schedule. Last month, he also traveled to Europe, including the Netherlands and Belgium, with the court’s permission.

If Vice Chairman Lee goes on a business trip during this period, the United States is expected to be a strong candidate, according to the business community. As the semiconductor technology alliance has emerged as a key issue between Korea and the U.S., it is anticipated that he may visit the U.S. to discuss supply chain issues and other matters.

There are also speculations that Vice Chairman Lee might visit Japan, but since he recently met with the chairman group of ‘Keidanren’ (Japan Business Federation), a Japanese business organization that recently visited Korea, the possibility of a trip to Japan seems low. Samsung Electronics stated that there are "no fixed plans" regarding Vice Chairman Lee’s vacation or business trip schedule.

[Image source=Yonhap News]

SK Group Chairman Chey Tae-won will depart for a business trip to the United States this week. It is expected that he will meet with key partners in the U.S. in green business sectors such as hydrogen, batteries, and small modular reactors (SMR), where SK Group is expanding investments. He is also likely to concurrently support efforts to attract the ‘2030 Busan World Expo’ in his capacity as chairman of the Korea Chamber of Commerce and Industry.

Hyundai Motor Group Chairman Chung Eui-sun, currently on a business trip in Europe, is meeting with top executives of major global aerospace companies such as Rolls-Royce in the UK and Safran in France at the Farnborough International Airshow this week. He is directly signing or supporting key business agreements. After returning home, he is expected to focus on expanding global sales and future mobility business strategies. He reportedly will not take a separate summer vacation but will stay at home to plan management strategies for the second half of the year.

[Image source=Yonhap News]

LG Group Chairman Koo Kwang-mo is expected to take a short summer vacation. Chairman Koo has consistently emphasized to employees the importance of taking a break during summer vacation to recharge, and he has taken vacations every year since his inauguration. However, given the worsening management environment in the second half of the year, he is likely to focus on urgent matters such as establishing management plans after a brief rest.

Lotte Group Chairman Shin Dong-bin also appears to be concentrating on exploring management strategies for the second half of the year rather than taking a vacation. At the VCM (formerly the CEO meeting) held on the 14th, Chairman Shin repeatedly emphasized the need for change, mentioning interest rate hikes and stagflation (economic stagnation with rising prices).

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