Samsung and LG Hold This Week's Management Strategy Meetings... Discuss Performance Improvement and Electric Vehicle Growth Strategies (Comprehensive)

Samsung Electronics and LG Electronics Executives Over 300 Participate
Focus on Samsung's Crisis Breakthrough and LG's Future Vision Acceleration

This week, Samsung Electronics and LG Electronics will hold company-wide meetings to establish next year's business strategies and explore ways to accelerate future businesses. Samsung Electronics will focus on discussing business strategies for home appliances and high-bandwidth memory (HBM) semiconductors for artificial intelligence (AI). LG Electronics will discuss the three key drivers of its ‘Future Vision 2030,’ which aims to grow into a company with 100 trillion KRW in sales by 2030. The three key drivers are expanding business-to-business (B2B) transactions, revitalizing non-hardware (non-hw) businesses, and strengthening new businesses.

Seoul Samsung Electronics Seocho Building.
Photo by Jinhyung Kang aymsdream@

Samsung Electronics will hold a global strategy meeting starting on the 14th. This is a regular global strategy meeting held twice a year in June and December. On the 14th and 15th, meetings for the Device Experience (DX) division, including home appliances, mobile, and displays, will be held, and on the 19th, a strategy meeting for the Semiconductor (DS) division is scheduled. The meetings will be chaired by Han Jong-hee, Vice Chairman and CEO of the DX division, and Kyung Kye-hyun, CEO and head of the DS division, both of whom retained their positions in next year's executive reshuffle. Samsung Electronics Chairman Lee Jae-yong will not attend but will receive reports afterward.

About 300 executives, including 200 from the DX division and 100 from the DS division, will participate in the meetings both online and offline. The offline meetings will be held at Samsung Digital City in Suwon for the DX division and at the Hwaseong campus for the DS division.

The meetings will share current issues by business division and region and discuss next year’s business strategies. Given the challenging macroeconomic environment next year due to inflation, economic recession, and geopolitical risks, the focus will be on strategies to maximize performance under difficult circumstances.

In particular, the DX division will seek ways to overcome the crisis centered on the home appliances business unit. Discussions related to the world’s largest home appliance and IT exhibition ‘CES 2024’ and the ‘Galaxy Unpacked’ event scheduled for next month will also take place. The DS division will hold meetings on the management strategy and performance of the memory business unit’s HBM semiconductors. Plans for new company-wide investments, the operation of newly established organizations such as the Future Business Planning Group and the New Business Development Control Tower, are not expected to be covered in this meeting.

Seoul Yeongdeungpo-gu Yeouido LG Twin Tower view. [Photo by Jinhyung Kang aymsdream@]

LG Electronics will hold an expanded management meeting on the 15th, chaired by CEO Cho Joo-wan. This CEO-led meeting is held twice a year and will take place at the LG Digital Park in Pyeongtaek. About 300 executives will attend both online and offline.

The core agenda is to discuss the global business strategy of the newly established Overseas Sales Headquarters. Through an organizational restructuring at the end of the year, LG Electronics plans to place the previously scattered overseas sales organizations under the Overseas Sales Headquarters directly reporting to CEO Cho. At this meeting, new representatives of overseas subsidiaries will have a first meeting with the CEO, and plans will be made to significantly accelerate decision-making by region and business.

LG Electronics will also seek strategies to overcome global macroeconomic risks. However, this meeting will focus more on strengthening growth drivers rather than crisis escape. In particular, it will discuss ways to accelerate the three key drivers of Future Vision 2030, now in its second year.

They will look for ways to expand the B2B business centered on automotive electrical and electronic equipment and improve profitability. The non-hardware business restructuring will involve increasing content revenue through LG Smart TV’s operating system webOS and activating subscription services that combine home appliances with various services. For new businesses, they will brainstorm strategies for establishing a U.S. production base for the electric vehicle charging business.

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