Samsung holds dinner to celebrate 1993 initiative

Samsung Group celebrated the 20th anniversary of the company‘s “New Management Initiative” with a dinner at Shilla Hotel on Monday.

In 1993, Samsung Electronics chairman Lee Kun-hee proclaimed the initiative during a tour to European cities including Frankfurt in Germany, calling for the complete reform of Samsung and its employees to become a truly global brand.

Around 350 executives of Samsung’s subsidiaries and partners participated in Monday’s event, where Lee discussed the future direction of the largest conglomerate in Korea, along with the sales targets of each subsidiary for next year.

“Along with Samsung‘s achievements over the years comes more social responsibility, so we should seek ways for coprosperity with society,” said chairman Lee at the event, also emphasizing the importance of vigilance and the spirits of challenge and innovation.

“This year will be the stepping stone for the company to take another big leap in the next 20 years,” Samsung officials said.

The celebratory party was initially scheduled to be held on Aug. 16, but was postponed several times amid rumors of the chairman‘s deteriorating health.

Monday marks the first time in about nine months since Lee’s birthday on Jan. 9 for him to have dinner with the chief executives and high-ranking officials from Samsung affiliates.

This year’s event was especially meaningful, industry watchers said, as Samsung Electronics -- the world’s largest electronics company and memory chipmaker -- posted record-high quarterly earnings in the third quarter.

Lee had initially stepped down from chairmanship in 2008 when the firm was hit with suspicions over slush funds and an illegal succession of the leadership to heir apparent Jay-yong. Later on, he made a high-profile return that eventually led to Samsung Electronics to set new earnings records.

The sales revenue of the electronics firm increased 65 percent to 59.08 trillion won ($55.7 billion) from the third quarter of 2010 to the same period this year.

Samsung affiliate is expected to rake in over 30 trillion won in net income and 200 trillion won in revenue this year.

The electronics business accounts for more than 50 percent of the total revenue of Samsung Group, which marked 380 trillion won in 2012.

By Kim Young-won (wone0102@heraldcorp.com)