Major Conglomerate Heads' Summer Vacations... Different Styles but Shared Concern for 'Management Issues'

[Asia Economy Reporter Kiho Sung] The summer vacation season has arrived, but most heads of major domestic conglomerates are expected to forgo their holidays and spend busy times. This is because management issues are piling up more than ever, and the internal and external uncertainties due to the COVID-19 pandemic are increasing, making the situation difficult.

Lee Jae-yong, Vice Chairman of Samsung Electronics. Photo by Moon Ho-nam munonam@

According to Samsung Group on the 14th, Vice Chairman Lee Jae-yong of Samsung Electronics is known not to be considering summer vacation plans this year either. A Samsung Electronics official explained, "Considering the internal and external environment, the decision on whether to take a vacation is still undecided." Vice Chairman Lee is also in a situation where he cannot properly plan a vacation due to the prosecution investigation related to management succession. Although the Prosecution Investigation Review Committee recommended non-prosecution and suspension of investigation for Vice Chairman Lee last month, if the prosecution proceeds with indictment separately, it will inevitably be difficult for him to focus on management. Last year, Vice Chairman Lee also had a busy schedule without rest, including a six-day business trip to Japan to respond to export regulations imposed by the Japanese government.

Chairman Chey Tae-won of SK Group is known to focus on management planning and preparing for the Icheon Sub-Forum during the summer vacation period. Chairman Chey is currently busy appearing in related videos for in-house promotion of the Icheon Sub-Forum next month. The Icheon Sub-Forum is a place where SK employees participate in discussions across various fields such as industry, economy, and society to explore the future.

Chung Eui-sun, Executive Vice Chairman of Hyundai Motor Company./Photo by Hyunmin Kim kimhyun81@

Even among those who take vacations, many heads of conglomerates spend their time domestically without special schedules, inspecting overall management. Chung Eui-sun, Executive Vice Chairman of Hyundai Motor Group, is expected to focus on reviewing current issues without any special summer vacation plans. The global automobile market is facing an unprecedented crisis due to COVID-19. Therefore, Executive Vice Chairman Chung is expected to concentrate on plans related to sales recovery in the second half of the year at home. Chairman Cho Won-tae of Hanjin Group also plans to focus on work without vacation schedules. This is because management issues such as business unit sales are piling up amid the emergency situation caused by COVID-19.

On the other hand, Chairman Koo Kwang-mo of LG Group is expected to take a normal summer vacation, although the schedule is undecided. An LG Group official said, "It can be seen as sending a message to employees to 'take a proper rest' during the vacation period." Chairman Koo also took a summer vacation in August last year.