Heads of Conglomerates Celebrating Chuseok Domestically... Planning for the Future Even During the Holiday

Likely to Focus on Post-Corona Countermeasures

[Asia Economy Reporter Kim Heung-soon] The heads of major conglomerates such as Samsung Electronics, Hyundai Motor, SK, and LG are expected to stay in Korea during this year's Chuseok holiday period, focusing on reviewing business-related issues and planning the future of their groups.

According to the business community on the 17th, Lee Jae-yong, Vice Chairman of Samsung Electronics, who used to travel abroad during holidays, is expected to spend time at home during this Chuseok holiday to plan future businesses. This is because the resurgence of COVID-19 and his weekly court appearances since his parole last month have left him little time to fully grasp current issues.

Samsung Electronics currently needs to select the site for a new foundry (semiconductor contract manufacturing) plant in the United States, which will cost about 20 trillion won. Although the company has announced plans for large-scale mergers and acquisitions (M&A) to strengthen its global business capabilities, no clear outline has yet emerged.

They also need to concretize the implementation plan for the 'Future Preparation Plan' announced by Samsung last month to prepare for the post-COVID era, including expanding youth employment. The business community expects that the pace of resolving these issues will accelerate depending on Vice Chairman Lee’s plans during the Chuseok holiday. There is also speculation that Lee will visit the family graveyard in Suwon, Gyeonggi Province, where the late Samsung Chairman Lee Kun-hee is buried, with his family during the holiday.

Jung Eui-sun, Chairman of Hyundai Motor Group, is also expected to spend time with his family during the Chuseok holiday while planning management strategies for the fourth quarter and next year. Given that the automotive industry has recently been struggling due to the shortage of automotive semiconductors, he is expected to review the semiconductor supply situation as well. As the supply of automotive semiconductors has become insufficient, Hyundai Motor Group, like other global automakers, is facing difficulties such as production cuts at major plants.

He is also expected to oversee future mobility businesses aimed at achieving carbon neutrality. Earlier, Hyundai Motor Group announced at the 'IAA Mobility 2021' motor show held in Munich, Germany, on the 6th that it will achieve carbon neutrality by 2045.

Choi Tae-won, Chairman of SK Group, is expected to review the agenda for the upcoming SK Group CEO seminar scheduled for next month, while also checking on the 'Korea Idea League,' which he has been personally promoting since his inauguration as chairman of the Korea Chamber of Commerce and Industry.

The CEO seminar, attended by CEOs of major SK Group affiliates, is held annually in October in Jeju or Icheon, serving as an occasion to review management performance and share mid- to long-term plans at the group level.

Gu Kwang-mo, Chairman of LG Group, is also expected to stay at home, managing business issues in electronics, batteries, chemicals, and automotive components, while planning future businesses. Amid ongoing uncertainties in the domestic and international environment such as COVID-19, the business community anticipates that he will seek ways for sustainable growth and future preparation.