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Samsung, LG hold CEOs' meetings amid deepening economic downturn

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Lee Jae-yong, vice chairman of Samsung Electronics / Courtesy of Samsung Electronics
Lee Jae-yong, vice chairman of Samsung Electronics / Courtesy of Samsung Electronics
By Baek Byung-yeul

Samsung Group and LG Group are holding presidential-level meetings to prepare to cushion against the impact of a global economic downturn caused by high exchange rates, interest rates and prices, according to industry sources, Tuesday.

The sources said Samsung Group held its presidential meeting on Monday at Samsung Electronics Talent Development Center in Yongin, Gyeonggi Province.

The meeting featured Samsung Electronics Vice Chairman Lee Jae-yong and around 40 top executives from its IT arms such as Samsung Electronics, Samsung Electro-Mechanics, Samsung SDI, Samsung SDS and Samsung Display, as well as finance arms such as Samsung Life Insurance and Samsung Card.

During the gathering, the participants listened to a lecture by a visiting instructor and discussed pending issues surround the group. The Samsung chief, who returned from a two-week business trip to Europe and Latin America last week, also joined a luncheon and shared ideas with top executives of the group affiliates.

"Top executives from Samsung's IT arms have held meetings occasionally, but gathering every president from the financial arm of the group came as a rare move," an industry source said. Samsung Group had previously held presidential meetings every Wednesday, gathering presidents of each affiliate for lectures and discussions, but the regular meetings disappeared in 2017 when the group disbanded its Future Strategy Office.

Koo Kwang-mo, chairman of LG Group / Courtesy of LG Group
Koo Kwang-mo, chairman of LG Group / Courtesy of LG Group
LG Group is also known to hold a regular meeting of presidents this week. Koo Kwang-mo, chairman of the group, is expected to preside the meeting. The top executives of the group's affiliates are expected to seek solutions for the growing economic difficulties such as the global energy crisis, high exchange rates, interest rates and prices and the economic recession.

At a previous meeting in June, presidents of the group's affiliates including LG Electronics and LG Chem discussed ways to strengthen customer value and overcome the economic downturn through innovative customer experience policies.
Baek Byung-yeul baekby@koreatimes.co.kr


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