From left are Samsung Electronics Vice Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Euisun and LG Group Chairman Koo Kwang-mo. Korea Times files

Heads of top 4 groups overwhelmed by multitude of tasks

By Park Jae-hyuk

Leaders of Samsung, SK, Hyundai Motor and LG appear to be too busy to take summer vacations again this year, due to the need for contingency plans to overcome difficulties stemming from the global economic uncertainties, according to industry officials, Monday.

Although the four chaebol groups have remained cautious about disclosing the summer plans of their chiefs, the conglomerate heads are said to be focusing on establishing business strategies for the future.

Samsung Electronics Vice Chairman Lee Jae-yong is expected to go to Japan or Taylor, Texas, for purposes related to the company's semiconductor business, as the court conducting the trial over his case of alleged accounting fraud at Samsung Biologics is adjourned until mid-August.

When the court was adjourned temporarily last year, Lee visited the United Arab Emirates. He also travelled to Europe last month to meet business partners there, after being granted approval from the court.

SK Group Chairman Chey Tae-won will leave for Washington, D.C. on July 27 to attend a ceremony to celebrate the completed construction of the Wall of Remembrance at the Korean War Veterans Memorial.

Given that Chey was also appointed to lead the civilian committee to support Busan's bid to host the World Expo 2030, he is expected to convince the U.S. to vote for the Korean port city. In late August, he will likely introduce the group's business strategies to employees at the annual forum in Icheon, Gyeonggi Province.

Hyundai Motor Group Chairman Chung Euisun plans to preside over a meeting of heads of the group's regional headquarters worldwide later this month to discuss business strategies for the second half of this year.

Chung has tended to devise business strategies for the second half of the year at home, when the carmaker's workers take their summer vacations in August. However, there is speculation that he may visit the U.S. or Europe this summer, considering the company's plans to start production of the electrified Genesis GV70 at its Alabama factory later this year and sell IONIQ 6 electric vehicles in the European market.

LG Group Chairman Koo Kwang-mo reportedly plans to spend his summer vacation coming up with future business strategies.

Throughout last month, Koo held meetings with executives of the group's subsidiaries to overhaul their long-term business strategies. On June 29, he also unveiled the group's plan to invest over 2 trillion won ($1.5 billion) over the next five years in eco-friendly technologies.