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Corporate Korea’s New Year resolutions

Corporate Korea’s New Year resolutions

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Published : 2014-01-02 20:08
Updated : 2014-01-02 20:10

Samsung embracing changes yet again

Samsung Group chairman Lee Kun-hee

As he has done in many times in the past, Samsung Group chairman Lee Kun-hee emphasized that Samsung must keep trying to shed old things in running business in order to embrace a new global management system.

“To be a leader in an environment that lacks certainty and visibility, we must go beyond the boundaries of current markets and technologies,” Lee said at an opening event for the New Year held at Shilla Hotel.

“It is therefore time to change once again,” said Lee, noting that the firm’s leading businesses are constantly being challenged by competitors, while the days are numbered for less dynamic businesses.

Last year, Samsung had marked the 20th anniversary of its New Management Initiative.

LG says time to shake off the slump

LG Group chairman Koo Bon-moo

Emphasizing that the business environment in 2014 is unfavorable for LG, due largely to the strong won and the country’s weak economic recovery, LG Group chairman Koo Bon-moo asked employees to closely collaborate to develop leading products that appeal to consumers and aim to become the top player in new business fields.

“This is a time of crisis, and we need to become a market leader in order to get out of it,” said Koo in a New Year’s speech on Thursday.

He asked the group’s workforce to establish a good rapport with business partners and contribute to society.

GS on lookout for new growth engines

GS Group chairman Huh Chang-soo

GS Group chairman Huh Chang-soo stressed the importance of searching for new methods to ensure the sustainable growth of the group in his New Year’s message Thursday.

“It is more important for the group to seek a new growth engine for future growth rather than to be obsessed with short-term performance,” he said.

The chairman of the nation’s energy and retail conglomerate mentioned a recent takeover deal between a GS-LG consortium and STX Energy as an example of the group-level efforts to secure new avenues of growth.

He urged executives and employees of the group to make all-out efforts to advance the group’s business portfolio for long-term, high-quality growth.

Hanjin vows to fight against the odds

Hanjin Group chairman Cho Yang-ho

Cho Yang-ho, chairman of Hanjin Group, stressed “unified efforts” by all employees to fight against negative business conditions that have hampered the global aviation industry in recent years.

As this year marks the 45th anniversary of its flagship unit Korean Air, the chairman pledged to streamline its existing businesses and to renew strategies with an aim to improve efficiency of the group overall.

“Amid mixed business signals this year, we must join hands to create an open-minded, more creative workplace that will pave the way for us to produce added value for customers in the future,” he said.

Hyundai targets 4% growth, 7.86m car sales

Hyundai Motor chairman Chung Mong-koo

Hyundai Motor Group chairman Chung Mong-koo pinned high hopes on synergy among the group’s auto-related affiliates such as Hyundai Steel and Hyundai Mobis in building more competitive, tech-savvy next-generation vehicles.

“In order to create the group’s new growth engine, we plan to specify our longer-term business plans and to put more resources into research and development activities across subsidiaries,” he said in his New Year speech.

The Hyundai chief predicted fiercer competition in the global automotive industry this year, hinting at a moderate 4 percent yearly growth in Hyundai and Kia car sales to reach 7.86 million vehicles.

SK eyes corporate value of W300tr

SK Group Supex Council chairman Kim Chang-geun

Kim Chang-geun, chairman of SK’s top decision-making SUPEX Council, said the company should aim at realizing corporate value worth of 300 trillion won ($285 billion) this year.

“This can be achieved by promoting each company’s autonomous responsibility and the council’s endeavor to foster the company’s stability and growth.”

“2013 was a difficult year because of the global economic recession and the growing expectation from interest groups toward conglomerates,” the chairman added. “Most of SK’s businesses were slacking except for the semiconductor segment.”

The group’s management outcomes had barely changed from the previous year, he said.

Shinhan aims for ‘Finance 2.0’

Shinhan Financial Group chairman Han Dong-woo

Shinhan Financial Group chairman Han Dong-woo highlighted the need for “warmth” and “customer friendly” financial services to overcome the prolonged sluggish performance of the country’s economy.

As a part of this initiative, Han said he would pursue a so-called “Warmer Finance 2.0” plan.

This reflects Shinhan’s resolve to help create a warmer society based on the benefits molded by the financial sector.

Han, who was reelected to start his second term from this year, noted Thursday, “We’ll strive to ensure customers, businesses and the society grow together for a better world for all through our financial services.”

As with other sectors throughout the country, the financial industry has also been in the doldrums due to stagnant economic conditions at both home and abroad.

Customer satisfaction KB’s No.1 priority

Kookmin Bank president Lee Kun-ho

KB Kookmin Bank, which has been rattled by a series of scandals regarding its overseas offices, has promised to put customer satisfaction at the forefront of its priorities.

The bank’s CEO Lee Kun-ho offered Thursday comforting words of “trust” and “customer satisfaction” in his New Year’s message.

The reputation of the nation’s second-largest lender took a major hit in 2013 in the wake of a series of its staff’s involvement in a financial corruption scandal.

“We promise this year to do our utmost to ensure better ethics in our business,” Lee said.

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