Business Plans of Top Business Leaders During Chuseok Holiday... 4 Major Groups Prepare to Visit Czech Republic

Lee Jae-yong Visits Overseas Business Sites Every Holiday
Choi Tae-won, Chung Eui-sun, and Koo Kwang-mo Also Seek Management Strategies

Even during Chuseok, the major national holiday, business leaders are expected to spend busy times grappling with management concerns. The heads of conglomerates are anticipated to spend the holiday visiting domestic and overseas sites for inspections or contemplating ways to adapt to internal changes. In particular, the heads of the four major groups?Samsung, SK, Hyundai Motor, and LG?are expected to accompany President Yoon Suk-yeol as part of an economic delegation on his visit to the Czech Republic after the Chuseok holiday, during which they will review local business conditions and explore cooperation measures between the two countries. This is the first time this year that the heads of the four major groups will accompany President Yoon on an overseas trip.

Samsung Electronics Chairman Lee Jae-yong is inspecting the underground tunnel construction site of the 'NEOM' new city, in which Samsung C&T is participating, in Tabuk Province, northwest Saudi Arabia, on October 1 last year (local time).
[Photo by Samsung Electronics]

According to the business community on the 4th, Samsung Electronics Chairman Lee Jae-yong is highly likely to visit overseas business sites during the Chuseok holiday. Since he began taking full charge of Samsung's management in 2014, Chairman Lee has visited overseas business sites every holiday to inspect local operations and held business meetings with CEOs of global companies.

Since his pardon and reinstatement in August 2022, Chairman Lee has undertaken several overseas site visits during three holiday periods. Recently, he traveled to Paris, France. During holidays, rather than conducting business at semiconductor advanced factories involving mergers and acquisitions (M&A) or large-scale investments, he often encourages employees working in distant countries.

Chairman Chey Tae-won of SK Group entering the SK Group Icheon Forum held at Grand Walkerhill in Gwangjin-gu, Seoul on the 19th of last month
[Photo by Yonhap News]

On April 23rd (local time), Chung Eui-sun, Chairman of Hyundai Motor Group, is taking a commemorative photo with employees of the India region after a town hall meeting at Hyundai Motor India's new office building in Delhi.
[Photo by Hyundai Motor Group]

SK Group Chairman Chey Tae-won and Hyundai Motor Group Chairman Chung Eui-sun are reported to handle personal schedules domestically during the holiday period. Chairman Chey, who is undergoing business restructuring, plans to seek ways to strengthen the group's fundamentals. An SK Group official said, "As far as we know, there are no special external schedules."

Chairman Chung is expected to review countermeasures for the rapidly changing external business environment with the U.S. presidential election just over two months away. Recently, amidst the temporary demand stagnation (chasm) in electric vehicles, Chairman Chung has been moving swiftly to secure the future mobility market by investing 120 trillion won over ten years until 2033.

LG Group Chairman Koo Kwang-mo also plans to spend time with his family during the Chuseok holiday and work on management plans for the second half of the year. He responded that he will carry out a schedule to visit the Czech Republic as part of the economic delegation after the holiday.

In June, Koo Kwang-mo, CEO of LG (left), visited LG Technology Ventures in Silicon Valley, USA, where he closely examined the technologies of key startups invested in by LG Technology Ventures.
[Photo by LG Corp.]

Hanwha Group Chairman Kim Seung-youn plans to refine his management plans for the second half of the year at his home in Jongno, Seoul. His eldest son, Vice Chairman Kim Dong-kwan, is also known to be handling various issues without external schedules. Having effectively solidified the succession structure, Vice Chairman Kim is expected to review the plans established earlier this year during the holiday and focus on exploring future new growth engines and new investment destinations.

HD Hyundai Vice Chairman Chung Ki-sun will depart for the United States during the Chuseok holiday to attend the opening of the eco-friendly ship and energy exhibition ‘Gastech 2024.’ HD Hyundai is a sponsor of Gastech. Vice Chairman Chung plans to meet with executives of global energy companies at this event to discuss business cooperation. CEOs of affiliated companies will continue on-site management by visiting overseas and domestic business sites during the holiday, following group customs.

LS Group Chairman Koo Ja-eun plans to spend time with his family at home and work on management plans. It is known that there are no plans for the owner family members, including Koo Ja-yeol, Chairman of the Board of Directors of LS Corporation, and Koo Ja-gyun, Chairman of LS Electric, to gather separately.

POSCO Group Chairman Jang In-hwa will take a short rest while checking on key business issues such as steel and secondary battery materials and focusing on management planning. Hanjin Group Chairman and Korean Air CEO Cho Won-tae is expected to encourage employees working during the holiday. Due to the nature of the airline industry, many customers flock during the holiday, increasing work intensity. In the past, he has visited flight attendants, cabin crew, and maintenance staff during holidays to encourage them. Afterwards, he will take breaks intermittently while monitoring the progress of the remaining corporate mergers.