Samsung Electronics holds biannual global strategy meeting

Samsung Electronics Co. on Tuesday launched its three-day global strategy meeting, a biannual event held in June and December where major executives and heads of the company's overseas subsidiaries discuss business issues and future strategies.

Samsung Electronics Executive Chairman Lee Jay-yong and other members of his family customarily do not attend this event.

The company's Mobile Experience (MX) Division in charge of smartphones held a meeting at the Device Experience Division, which handles finished products. Chaired by MX chief Roh Tae-moon, the talks reportedly lasted from 8 a.m. to late afternoon. 

The main theme was reportedly plans to expand sales of the company's latest foldable smartphone series Galaxy Z Flip and Fold 5 slated for release next month. Their release date will be pushed up by about two weeks and an unpack event will be held on July 26 at COEX Mall in Seoul apparently to maximize the effect of Samsung Electronics' new product launches in the third quarter.

At the meeting, regional executives and vice presidents in charge of sales and marketing in key markets such as North America, Europe, and Southeast and Southwest Asia announced their sales targets and strategies to raise market share.

Many expressed pessimism over business in the second half, warning of difficulty achieving a rebound in the third and fourth quarters. 

"Demand for home appliances and smartphones is not reviving on the global market,” a Samsung Electronics source said. "(The meeting) was an occasion to reinforce our commitment to achieving our second-half goals."

The Device Solutions (DS) Division in charge of semiconductors held a meeting until late chaired by its head Kyung Kye-hyun. The market is predicting a potential rebound in memory semiconductors in the second half, but the prevailing opinion within Samsung Electronics is apparently wariness of premature optimism.

A meeting of the Video Display and Digital Appliance divisions was slated for Wednesday and a company-wide gathering the day after.

Write to Jeong-Soo Hwang at hjs@hankyung.com