Samsung Electronics Celebrates 54th Anniversary... Reinforces Determination to Overcome Crisis

Founding Anniversary Ceremony at Suwon Digital City
Chairman Lee Jae-yong Absent
Memorial Service for Founding Chairman Lee Byung-chul on 19th Next Month

Samsung Electronics marks its 54th anniversary on the 1st. This is the second anniversary since Chairman Lee Jae-yong took office. Although the chairman is not expected to deliver a separate message, Samsung Electronics, which is experiencing a decline in performance due to the semiconductor market downturn, is expected to reaffirm its founding philosophy and strengthen its resolve to overcome the crisis.

On this day, Samsung Electronics will hold a founding anniversary ceremony at Digital City in Suwon, Gyeonggi Province to celebrate its 54th anniversary.

Lee Jae-yong, Chairman of Samsung Electronics. [Photo by Samsung Electronics]

Samsung Electronics started as "Samsung Electronics Industry Co., Ltd." on January 13, 1969, but after merging with Samsung Semiconductor & Telecommunications in November 1988, it changed its founding anniversary to November 1. Samsung Display, launched in July 2012, also follows Samsung Electronics' founding date. Samsung Electro-Mechanics, established in March 1973, considers its initial shipment date, November 1, as its founding anniversary. The Samsung Group marks March 22 as its founding anniversary, which is the 85th anniversary this year.

The event will be attended by executives including Han Jong-hee, Vice Chairman and CEO of the DX (Device eXperience) Division, and Kyung Kye-hyun, President and CEO of the DS (Device Solutions) Division. The ceremony will include a commemorative speech by Vice Chairman Han, a commemorative film screening, and employee awards. Last year, in his speech on the 53rd anniversary, Vice Chairman Han encouraged employees by saying, "True capabilities are demonstrated in difficult times," and urged them to "transform once again based on Samsung Electronics' strength and spirit of challenge to create a new history."

Chairman Lee Jae-yong is not expected to attend the anniversary ceremony this year, as in previous years. He is also unlikely to issue a separate message. He has never attended the founding anniversary event or delivered a message separately. However, on the 50th anniversary in 2019, he released a video message saying, "Let us build a 100-year company for future generations through challenge, technology, and coexistence."

Chairman Lee Byung-chul, the founder, and Chairman Lee Kun-hee, the former chairman.
[Photo by Samsung Electronics]

On the 19th, a 36th memorial service will be held to mark the anniversary of founder Lee Byung-chul’s passing (November 19). As in previous years, Samsung and affiliated groups such as Shinsegae, CJ, and Hansol are expected to visit the ancestral graves near the Hoam Art Museum in Yongin at different times.

After paying respects in 2020, Chairman Lee Jae-yong had lunch with about 50 presidents of Samsung affiliates and emphasized, "Companies must always contribute to the national economy and provide hope to society, inheriting and developing the late Chairman Lee Kun-hee’s teachings and the founding philosophy of business patriotism of the late founder Lee Byung-chul."

Business patriotism means contributing to the nation and human society through business, which is the founding spirit of the founder. Throughout October, Samsung commemorated the late founder’s management legacy through events such as the 30th anniversary ceremony of Samsung Fire & Marine Insurance’s guide dog project, a memorial and the 30th anniversary academic conference of Samsung’s new management, and a memorial concert. This month, Samsung is expected to reaffirm the founder’s entrepreneurial spirit and strengthen its determination for a new leap forward.

Meanwhile, the day before, Samsung Electronics announced that its consolidated sales for the third quarter of this year reached 67.4 trillion won, with an operating profit of 2.43 trillion won. These figures represent decreases of 12.21% and 77.57%, respectively, compared to the same period last year. As a result, cumulative sales for the first to third quarters of this year totaled 191.1556 trillion won, down 17.52% from the same period last year, and operating profit fell 90.42% to 3.7423 trillion won.

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