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Samsung to Foster Growth by Investing in AI and 5G

To get ahead in the fast-changing tech industry, Samsung said it will expand investment in burgeoning tech segments to propel growth

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To get ahead in the fast-changing tech industry, Samsung said it will expand investment in burgeoning tech segments to propel growth. Wikimedia Commons

Samsung Electronics Co on Wednesday said it will propel technology innovations to tackle the unfavourable business environment and foster new growth drivers such as artificial intelligence (AI) and 5G.

Samsung vowed to step up its innovations to overcome business challenges amid falling prices of memory chips and flattening global demand for new smartphones.

“The company plans to push for profound innovations across the divisions as the unfavourable business environment is expected to continue this year,” Kim Ki-nam, vice chairman of Samsung Electronics, said at a meeting at the company headquarters attended by about 1,000 investors.

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“We will focus on new, promising businesses, such as AI and 5G, to bring meaningful changes and will actively respond to new business opportunities,” Kim said. Pixabay

To get ahead in the fast-changing tech industry, Samsung said it will expand investment in burgeoning tech segments to propel growth.

“We will focus on new, promising businesses, such as AI and 5G, to bring meaningful changes and will actively respond to new business opportunities,” Kim said.

Announcing business plans during the shareholders meeting, the first since a 50:1 stock split in May which was aimed at making it easier for retail investors to purchase stakes in the firm, Kim said: “We will continue to release innovative products in our home appliance and IT and mobile communication divisions to expand our market-leading position.”

The world’s largest handset and memory chip maker said it posted $215.8 billion in sales and $52 billion in operating profits last year on a consolidated basis, posting record high profits driven by the boom in memory chips, Yonhap news agency reported.

 

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Its bid to propel its 5G business comes as Huawei, the world’s largest telecom equipment maker, faces growing pressure from the US over security protection issues. Pixabay

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Its bid to propel its 5G business comes as Huawei, the world’s largest telecom equipment maker, faces growing pressure from the US over security protection issues.

The Korean tech firm currently has a mere 3 per cent share in the 5G equipment sector, lagging far behind Huawei’s 28 per cent and Ericsson’s 27 per cent, according to market researcher IHS Markit.

The company has set a goal of capturing a 20 per cent share in the 5G equipment market by 2022. (IANS)

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Samsung Electronics Creates An In-House Technology Platform Unit

The centre will be headed by Chung Eui-suk, an executive vice president who is best known for leading the development of Samsung's AI-based digital assistant

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Samsung
Samsung combined its in-house tech units related with Artificial Intelligence (AI), Internet of Things (IoT) and big data solutions to set up a new tech group, tentatively named "next-generation platform centre," according to the company officials. Pixabay

Samsung Electronics has created an in-house technology platform unit and named a new chief for its home appliance business in the company’s latest reshuffle, corporate sources here said.

Samsung combined its in-house tech units related with Artificial Intelligence (AI), Internet of Things (IoT) and big data solutions to set up a new tech group, tentatively named “next-generation platform centre,” according to the company officials.

The centre will be headed by Chung Eui-suk, an executive vice president who is best known for leading the development of Samsung’s AI-based digital assistant, Bixby, reports Yonhap news agency. The South Korean tech giant also appointed Lee Jae-seung, former Consumer Electronics (CE) business division development team leader, to head its home appliance business.

Previously, Kim Hyun-suk, president and CEO of Samsung’s CE business division, co-held the title as home appliance business chief. It was revealed in Samsung’s senior executive reshuffle on Monday that Kim no longer heads the company’s home appliance business, although he retains his CEO position for Samsung’s CE business division.

Lee Won-jin, an executive vice president who leads service business team at Samsung’s visual display unit, will serve the same job for the company’s mobile business unit.

The move will allow Lee, former managing director at Google Korea, to focus on developing contents services for both mobile phones and TVs. The latest reshuffle followed changes to leadership at Samsung this week. Earlier, the company named a new mobile business chief, and promoted 162 executives.

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Samsung Electronics has created an in-house technology platform unit and named a new chief for its home appliance business in the company’s latest reshuffle, corporate sources here said. Wikimedia Commons

Infusing young blood into its smartphone business division amid growing Chinese competition in markets like India, Samsung Electronics named 52-year-old Roh Tae-moon its new mobile business chief — taking over from DJ Koh, current president and CEO of the IT and Mobile Communications (IM) business division.

HC Hong, President and CEO of Samsung Southwest Asia since 2015 and was instrumental in taking India to the top of global smartphone manufacturing map, has also moved on into a new role within the company, according to a letter accessed by IANS.

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Samsung usually announces personnel reshuffles in December, but the appointments were delayed as trials involving Samsung Group heir Lee Jae-yong and key executives have dragged out longer than expected. (IANS)