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The Korea Herald
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THE INVESTOR
March 29, 2024

Samsung

Samsung reviews Note 7 fallout at global strategy meeting

  • PUBLISHED :December 19, 2016 - 17:30
  • UPDATED :December 19, 2016 - 17:30
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[THE INVESTOR] Samsung Electronics began reviewing ongoing challenges including patching up the Note 7 fallout at its three-day global strategy meeting that started on Dec. 19, the tech giant confirmed.

The biannual meeting, held every June and December, is an event at which around 400 to 500 executives gather to set new business goals and share their strategies in three divisions -- Internet Mobile, Consumer Electronics and Device Solutions. The company’s Vice Chairman Lee Jae-yong did not attend the meeting per usual.


“The meeting is a place where executives at headquarters and overseas offices gather to share regional issues for next year’s business,” Samsung Electronics’ official said, adding meeting details are confidential. 

The meeting was to focus on the Internet Mobile division, which was hit by the Galaxy Note 7 fallout this summer. Samsung, which has not yet identified the actual causes of the explosion, is expected to review how to patch up the Note 7 issue and recover trust in the market.

The management will also discuss how to regain lost market share by boosting sales of upcoming devices.

Samsung is reportedly planning to roll out its new flagship Galaxy S series around April -- later than the originally speculated schedule in February during the Mobile World Congress in February, in order to ensure safety. 

On Dec. 20, the executives will discuss the company’s Consumer Electronics division. They will reportedly talk about smart home appliances using Internet of Things technology and how to widen their presence in business-to-business areas such as built-in home appliances and high-efficiency energy management systems. Ways to utilize the US luxury home appliance maker Dacor, which was acquired in August, will also be discussed. 

On the last day, the meeting will focus on the Device Solutions division. The management will reportedly talk about possible spinoff of its system semiconductor business. Rumors are growing that the business will be divided into “fabless and foundry” to better compete with the company’s bigger rivals such as Intel, TSMC and Qualcomm. Fabless refers to designing chips while foundry is producing them.

The executives may also discuss how to respond to the changing outside environment, mainly the US, where protectionism is growing and as President-elect Donald Trump vowed renegotiating the free trade deal with Korea. The Americas are strategically key to Samsung, as the company gained 42 trillion won ($35.4 billion) in sales last year, the largest share in the market. 

By Shin Ji-hye/The Korea Herald (shinjh@heraldcorp.com)




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