GE Korea announced on January 13 that over 600 of GE’s top leaders from around the world had an opportunity to learn about Samsung’s competitiveness at their annual Global Leadership Meeting in Boca Raton, Florida in the second week of January.
At the core leadership meeting presided over by GE’s Chairman, participants spent two days sharing best practices, growth targets, and strategies for the year, pledging business growth and implementation of those strategies.
What is noticeable is that Samsung’s speed management was one of the topics at the main session this year. The event was held at the special request of GE’s Chairman, who visited Korea in October 2013. After choosing the Korean tech giant as the benchmark, the US-based firm revealed its aspirations at the session that it will make a quick decision and accomplish tasks, in line with rapid market changes, while maintaining the advantages of a large firm.
Kang Sung-wook, the president of GE Korea, said, “Korean companies’ growing importance in the global market was reflected at the session.” He added, “Chairman Immelt stated that GM should pay attention to Korean firms’ remarkable growth and competitiveness.” The president concluded by saying, “In particular, the chairman stressed that GE ought to learn about Samsung’s fast decision-making, incredible drive in spite of its large size, along with its strong will to win and its corporate culture.”
In addition, Song Jae-yong, Professor of Strategy and International Management at Seoul National University, who studied Samsung’s competitive advantages in depth for 10 years, made an interactive-style lecture at the meeting. Professor Song explained the source of Samsung’s leadership and competitiveness with a new notion called Paradox Management.
In the meantime, GE’s desire to learn about Samsung stems from its open culture. General Electric has continued to change and grow by studying and applying strengths of successful corporations such as Samsung, Toyota, Dell, P&G, HP, and Motorola.