STX Group launches in-house think tank

STX Group launched the think tank STX Future Institute on Monday.

The organization will be headed by the group’s vice chairman Shin Chul-seak.

STX Future Institute will be tasked with leading efforts to establish systemic management that is part of the company’s Vision 2020 plans, the company said.

Announced at the group’s 10th anniversary event held in Dalian, China last month, Vision 2020 calls for pushing up STX Group’s combined annual sales to 120 trillion won ($110 billion) by 2020. The figure would place STX Group among the country’s top seven conglomerates.

The company said that the STX Future Institute was established as an independent organization to allow it to objectively review the group’s management system, and to draw up strategies and support their execution, the conglomerate said.

The company said staff will be recruited from those with experience at international consulting firms to allow it to function as a think-tank and a “change agent” within the group.

The conglomerate said that the organization will be staffed with 20 experts to begin with, but that the number would be increased to 50 within the year.

By Choi He-suk  (cheesuk@heraldcorp.com)