Samsung Holds Emergency Meeting with All Presidents for the First Time in 6 Years

First Meeting Since 2017 MIJONSIL Disbandment
Held at Yongin Human Resources Development Institute the Day Before
To Address Risks Including Economic Downturn

[Image source=Yonhap News]

[Asia Economy Reporter Moon Chaeseok] All presidents of Samsung Group affiliates gathered to discuss strategies to respond to the economic downturn expected next year. This is the first time in about six years that all affiliate presidents have held a meeting since the Future Strategy Office, which served as the group's control tower, was dismantled in early 2017.

According to the business community on the 28th, presidents of major affiliates such as Samsung Electronics reportedly met on the 26th at the Samsung Human Resources Development Center in Yongin. Samsung Electronics Chairman Lee Jae-yong did not attend this meeting.

At the meeting, attendees shared this year's management performance and discussed countermeasures regarding next year's business plans and domestic and international economic outlooks. They also exchanged opinions on strategies to secure future growth engines. The semiconductor market downturn, demand contraction, and high interest rates were reportedly key topics of discussion.

Samsung has held several emergency management meetings this year. A representative example was the emergency management meeting at the end of June, attended by 25 presidents of electronics affiliates. This was right after Chairman Lee returned from a business trip to Europe and stated, "First, second, and third is technology."

At the end of September, about 40 presidents from electronics and financial affiliates gathered to listen to an external lecture and discuss current issues. Chairman Lee attended a luncheon immediately after the meeting and engaged in management discussions with the presidents.

The business community is paying attention to whether Samsung's presidents' meetings, which had rarely been held since the Future Strategy Office was dismantled due to the political scandal, will become more active.

For now, the interpretation leans more toward addressing poor performance and risk management. Samsung Electronics' operating profit in the third quarter decreased by 31.4% compared to the same period last year. The outlook for the fourth quarter is also challenging. Because of this, Samsung Electronics is conducting emergency management by instructing company-wide unnecessary expense reductions.

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