Samsung Smaller: Samsung Electronics Busy Downsizing | BusinessKorea

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Samsung Electronics purchases or cancels its own shares worth a total of 1.8 trillion won (US$1.56 billion) or so for three months from July 29.
Samsung Electronics purchases or cancels its own shares worth a total of 1.8 trillion won (US$1.56 billion) or so for three months from July 29.
SEOUL, SOUTH KOREA
4 November 2015 - 12:30pm
Jung Min-hee

Samsung Electronics CEO and Vice Chairman Kwon Oh-hyun said on Nov. 2 that the growth of the IT industry is reaching a plateau while an increasing number of new competitors are coming up with innovative technology and products. He added that Samsung Electronics needs to overhaul itself in order to tide over the current crisis and become the pioneer of the new era.

“We should adapt ourselves to the new environment instead of sticking to our success in the past,” he remarked, continuing, “I believe now is the time for us to turn ourselves into a first mover from a fast follower.” It is said that his remarks signal an acceleration of business reorganization.

Under the circumstances, the structural reorganization scheduled for the end of this year is likely to be much larger in scale than previously expected.

Samsung Electronics is sending some of its clerical staff to the field and trying to persuade others to retire voluntarily even at this moment, and the number of its employees receiving such recommendations can be increased with time. At present, Samsung Electronics is transferring about 30 percent of its employees at the headquarters to business divisions while reducing the size of the DMC research institute.

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