Coping with Crisis
Lee Jae-yong, vice chairman of Samsung Electronics presided over an emergency meeting with presidents of Samsung Electronics and electronics subsidiaries of Samsung Group on Aug. 5.
The meeting came three weeks after Lee convened a meeting of top officials on July 13 shortly after his trip to Japan. Lee held the meeting out of concern that Samsung’s procurement system may be destabilized as Japan excluded Korea from its whitelist on Aug. 2.
"Stay alert but do not be afraid. Let's overcome the crisis,” Lee was quoted as telling the CEOs. "Let’s turn the crisis into new opportunities for another take-off."
Lee and the participants discussed the effects of Japan’s regulations, countermeasures, and plans to sharpen Samsung’s future competitiveness. In particular, they comprehensively reviewed management plans for each of Samsung’s businesses, including inventories of photoresists which have become subject to Japan’s export regulations, material localization, and supply chain diversification.
Beginning on Aug. 6, Lee will visit domestic plants such as Pyeongtaek Plant (memories), Giheung Plant (system LSI semiconductors and foundry), Onyang and Cheonan Plants (semiconductor development and assembly inspection), and Tangjeong Plant (displays). Lee will check with the entire value chain of the electronics sector which has been hit by the U.S.-China trade dispute and Japan's export regulations.
Currently, presidents of the Samsung Electronics’ Semiconductor Division and Samsung Group electronic affiliates have put off summer vacation and focusing on devising countermeasures against Japan’s export regulations.