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By Kim Hyun-bin
The COVID-19 pandemic has changed how major conglomerate chiefs spend their Chuseok holidays; instead of inspecting overseas plants or visiting prospective businesses, most are spending the fall harvest moon holiday under the radar with their families.
According to the industry, Samsung Electronics Vice Chairman Lee Jae-yong, who has been making frequent overseas business trips following his release from prison last month, plans to stay at home for Chuseok.
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| Samsung Electronics Vice Chairman Lee Jae-yong |
Lee has been busy inspecting key affiliates after his release from prison on Aug. 13. The conglomerate announced plans to invest 240 trillion won in future growth just two weeks after his release.
But Lee is likely to stay in the country this year, as there have been some restrictions placed on the vice chairman returning to work due to his conditional release from prison. Also, there has been strong opposition from civic groups about Lee returning to work.
Industry watchers believe he will utilize the holiday to review the selection of a 20 trillion won semiconductor foundry plant site in the U.S., while looking into possible M&A deals to fuel future growth.
Hyundai Motor Group Chairman Chung Euisun is expected to focus on strategizing future management while spending time with family during the upcoming holiday. Global carmakers have suffered chip shortages leading to production delays. Chairman Chung is expected to inspect the chip shortage situation as well as local and overseas production and sales.
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| Hyundai Motor Group Chairman Chung Euisun |
Hyundai has collaborated with Motional, a global leader in driverless technology, to supply fully autonomous robo-taxis by 2023.
At last year's Las Vegas technology exhibition, Hyundai introduced the S-A1 UAM concept model which was under development. Hyundai aims to launch an all-electric UAM model optimized for intra-city operations by 2028.
Last week, Hyundai Motor vowed to go carbon-free by 2045, in an announcement made on the sidelines of this year's IAA Mobility event in Germany.
SK Group Chairman Chey Tae-won is expected to use the holiday to prepare for an annual seminar scheduled for next month, as well as to spend time with family.
Each year, the conglomerate has held the SK CEO seminar, with CEOs from key affiliates in attendance to inspect management performance and discuss business strategy for the following year.
LG Group Chairman Koo Kwang-mo is expected to inspect the conglomerate's key businesses, including electronics, batteries and chemicals, while spending some time at home.
Koo has been busy investing in startups and fostering future growth engines, including autonomous driving, artificial intelligence (AI) and robotics.
Other conglomerate heads, such as POSCO Group Chairman Choi Jeong-woo and Hanwha Group Chairman Kim Seung-youn, are likely to spend a low-key Chuseok amid the COVID-19 pandemic.
"Most of the conglomerate chiefs are expected to stay at home, as there are no signs of the COVID-19 situation dying down, and most are expected to plan and strategize their key businesses quietly," an industry source said.
