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Samsung is holding multiple company-wide strategy meetings this week to discuss business plans to tackle the ongoing economic uncertainty. These meetings will be attended by hundreds of senior executives from the company’s various global offices. The conference has already begun and will run through at least Thursday.
Samsung executives will discuss business plans during this meeting
This is the first of Samsung’s bi-annual executive meetings this year. The company will hold another at the end of the year, in December. It did the same last year as well. The Korean behemoth also held a separate emergency meeting of its CEOs in December 2022, though. That conference of Samsung’s top-level executives was said to be the first of its kind in six years. It came as the market started slowing down, and it still hasn’t improved. The company is now holding another big leadership meeting.
According to the Korean media, Samsung executives will discuss various pending issues as well as future business plans and strategies during the ongoing meetings. It wants to work out a way to navigate the current economic challenges as early as possible. Sales of most electronic products, including smartphones, have dropped globally as consumers spend cautiously. Several geopolitical tensions have also affected the tech industry supply chains. The chip/semiconductor division, meanwhile, is affected by a price drop.
The latest mega meeting of Samsung executives began today, Yonhap News reports. The Korean publication didn’t reveal the venue of the conference but it appears to be taking place in the company’s homeland South Korea. The report added that Samsung’s chip division will only hold a one-day meeting, so it ends today itself. Perhaps considering the Korean time (GMT+9), it may have already ended. The company posted its first quarterly losses from the chip business in 14 years in the first quarter of 2023.
Samsung’s mobile division is holding multiple meetings this week
Meanwhile, the mobile division (which also includes home appliances) plans to hold multiple meetings until Thursday. Samsung has been the world’s largest smartphone company for the past several years, but its market share has been dropping lately. Arch-rival Apple is closing the gap to it, threatening to take the crown soon. The South Korean firm may be looking to devise ways to fend off the iPhone maker. Samsung is gearing up to launch new foldables, tablets, and smartwatches next month. The upcoming Galaxy Unpacked event may also be on the agenda of these meetings.
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