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The Korea Herald
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THE INVESTOR
April 24, 2024

Market Now

Samsung marks 54th anniversary, highlights unrivaled leadership in technology

  • PUBLISHED :November 02, 2023 - 09:38
  • UPDATED :November 02, 2023 - 09:38
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Samsung Electronics Vice Chairman Han Jong-hee delivers a speech marking the 54th anniversary of the company at its headquarters in Suwon, Gyeonggi Province, Wednesday. (Samsung Electronics)

Samsung Electronics Vice Chairman Han Jong-hee underscored the importance of maintaining industry leadership in technology as the company celebrated its 54th anniversary on Wednesday.

Samsung, one of the world's leading smartphone makers and the world’s largest memory chip producer, held the annual event at its headquarters in Suwon, Gyeonggi Province, with some 400 executives and employees in attendance.

"Technology and product quality are the real competitive factors that we should (do our best to) protect,” Han said.

“Even though time (goes on), technological leadership is Samsung Electronics’ best value and quality is at the core of the competitiveness, (which is something) we cannot concede."

The vice chairman also stressed that the company should explore new business areas and improve overall management productivity and efficiency by utilizing artificial intelligence and data.

“In such times of downturn, it is easy to be obsessed over short-term achievements. But I believe we should rather make this an opportunity for us to develop our innate DNA of (facing challenges) and innovation."

Chairman Lee Jae-yong, who marked the first anniversary of his official ascension to the top post last week, was absent from the celebratory event for the second consecutive year. He also did not release any celebratory message on the occasion.

In January 2021, Lee, then vice chairman, unveiled his "New Samsung" vision as he sought to create a more flexible corporate culture while working to widen the gap with rivals in key areas under the "Super Gap" strategy.

Lee took the top post last year after his father passed away in 2020. He joined the company in 1991.

In celebration of the company's anniversary, Samsung Electronics and all its affiliates kicked off the "Week of Sharing," a two-week social responsibility campaign for all employees to make donations and carry out volunteer work.

Samsung Electronics was founded as Samsung Electric Industries on Jan. 13, 1969, but changed its foundation day to Nov. 1 after it merged with Samsung Semiconductor & Telecommunications Co. in 1988.

In the latest earnings report for the July-September period, Samsung said it recorded sales of 67.4 trillion won ($49.6 billion) and an operating profit of 2.43 trillion won on a consolidated basis, down by 12 percent and 77.6 percent on-year, respectively.

Despite the deficit, the tech giant said it will be plowing its largest-ever amount of annual investment into its facilities this year, pledging 53.7 trillion won to achieve its goal of future growth and market leadership.

In the wake of the global economic slowdown and slump in chip demand, Samsung faced difficulties in making ends meet in the first half of the year. It is the first time this year for the company to log an operating profit surpassing the 1-trillion-won mark in the third quarter.

By Jo He-rim (herim@heraldcorp.com)

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