Samsung Electronics to Hold 'Global Strategy Meeting' Next Week to Discuss Next Year's Business Plans

On the 29th, when Samsung Electronics announced its confirmed third-quarter results, employees were coming and going at the Samsung Electronics building in Seocho-gu, Seoul. Despite the resurgence of the novel coronavirus (COVID-19), Samsung Electronics achieved a record high with third-quarter sales approaching 67 trillion won this year. Operating profit also exceeded 10 trillion won for the first time in two years. The third-quarter operating profit was 12.3533 trillion won, an increase of 58.83% compared to the same period last year. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Dongwoo Lee] Samsung Electronics, having completed its regular executive personnel reshuffle, is expected to hold a global strategy meeting next week to establish next year's business strategy.

According to industry sources on the 7th, Samsung Electronics plans to finalize the organizational restructuring and personnel appointments following the executive reshuffle earlier this week and proceed with the global strategy meeting. Due to strengthened social distancing measures amid the COVID-19 pandemic, the meeting is expected to be held virtually.

Samsung's global strategy meetings are held twice a year, in June and December, where domestic and overseas executives gather to review the status of business divisions, discuss new growth engines, and share opinions on new business plans.

Typically, the June meeting is a brief workshop-style session to establish the second half business strategy, but the December meeting, held after the year-end personnel changes with new management and executives, is an important occasion to set next year's business plans, with all overseas division heads returning to participate.

However, this year, due to difficulties in international travel caused by the COVID-19 situation, the meeting is expected to be conducted via video conference connecting overseas division heads online.

Samsung Electronics plans to finalize the detailed schedule for this year's global strategy meeting after this week's organizational restructuring.

The meeting will be attended by executives including Kim Ki-nam, Vice Chairman of the Device Solutions (DS) Division, Kim Hyun-suk, President of the Consumer Electronics (CE) Division, and Koh Dong-jin, President of the IT & Mobile (IM) Division, who have retained their positions, as well as newly promoted and reassigned executives.

The meeting will be divided into the set division, responsible for finished products such as IM (IT & Mobile) and CE (Consumer Electronics), and the component business division, DS (Device Solutions), which includes semiconductors, to discuss next year's new product launch plans and marketing strategies to strengthen market share.

This year, the meeting is expected to focus on sharing business strategies in response to the prolonged COVID-19 situation, reviewing policy changes and response plans including the US-China trade war following the US presidential election, and closely examining the recently unstable exchange rate issues.

The Consumer Electronics division is expected to review plans to expand sales of 8K resolution ultra-high-definition QLED TVs, the lineup of the Bespoke series and overseas sales expansion strategies, as well as the participation status in the world's largest home appliance and IT exhibition, 'CES 2021.'

The Mobile division is reported to discuss smartphone strategic products such as the Galaxy series, plans for foldable and flip phone launches, and market conditions amid ongoing US sanctions against China's Huawei.

In the Semiconductor division, with expectations of a super cycle (long-term boom) for DRAM starting next year, discussions are expected on supply and demand strategies for DRAM production and supply, as well as response strategies for the NAND flash market, which is anticipated to change following SK Hynix's acquisition of Intel's NAND business unit.