Samsung Electronics Co., Ltd. said that the company expects to maintain its leading edge over Chinese rivals in the chip field.
"The technical barriers of the chip industry are higher than those of other industries. Overcoming these difficulties requires more than a lot of money," Kim Kim-nam, head of Samsung's equipment solutions division, said at the shareholders meeting.
Figure: The outgoing chairman of Samsung Electronics Co., Ltd. Quan Wuyi delivered a speech at the shareholders meeting
Last year, the revenue of KimKi-nam's department reached 108 trillion won (about 100 billion US dollars), accounting for 45% of Samsung Electronics's total revenue. The operating profit of this sector is 40.3 trillion won, accounting for 75% of Samsung Electronics' annual operating profit.
At this year's general meeting of shareholders, Samsung's shareholders approved a 50:1 split of the company’s shares and appointed a new board of directors and outside directors.
About 400 Samsung Electronics shareholders and the joint CEO of Samsung Electronics and the outgoing vice chairman of the board of directors Kwon Oh-hyun attended the general meeting. Samsung Group’s successor and Samsung Electronics Vice President Lee Jae-yong did not attend the general meeting. After being released on parole in early February of this year, Li Zaiyu has been extremely low-key.
Lee Sang-hoon, former chief financial officer of Samsung Electronics, was elected chairman of the board, marking the tech giant’s first separation of the chairman of the board and the CEO. In addition to KimKi-nam, Kim Hyun-suk, head of Samsung's consumer electronics business, and Koh Dong-jin, head of mobile services, also joined the board of directors, while former co-CEOwonOh-hyun, YoonBoo-keun, and ShinJong-kyun withdrew from the board of directors.
At the general meeting of shareholders, Quan Wuyi stated: “We plan to separate the role of the board of directors and the chief executive to strengthen accountability management and put the board in a central position to improve the independence of the board.†As a measure, the board of directors can assess management performance more objectively and enhance trust among shareholders. He also stressed that this move can also make the board a more effective decision-making body.
The following are some of the question and answer sessions of this general meeting of shareholders:
Investors: How does Samsung react to the rise of Chinese companies in the chip field?
KimKi-nam: Chinese companies have invested heavily in almost all types of semiconductors (including memory chips), but the technical barriers in this area are much higher than in other industries. To overcome these difficulties requires more than just large-scale short-term investment. Samsung will make every effort to stay ahead in this field.
Investors: Has Samsung resolved the recent power outage in the factory in Pyeongtaek?
KimKi-nam: I want to sincerely apologize for this incident. Two weeks ago, the factory in Pyeongtaek suffered blackouts, causing a loss of about 50 billion won. Everything has now been repaired, but despite our best efforts, there is still the possibility of blackouts. Despite this, we will continue to work hard to prevent future power outages.
Investors: Due to competition from LGOLED TVs, Samsung’s share in the high-end TV market has declined. What is the strategy for this company?
KimKi-nam: Shipment data show that Samsung still ranks first in the high-end TV market with prices above $1,500. We will introduce other high-end products, such as 8K TV, to continue to lead the high-end market and eliminate concerns about our market leadership.
Investors: Why is there a price gap between (Samsung) TVs sold in the United States and TVs sold in Korea under the same conditions?
KimKi-nam: This is because there are differences in product configuration and retail market conditions, and after-sales service is slightly different. With this in mind, the company will work closely with the local sales team to assess this situation.
Investors: Samsung’s share of the Chinese smartphone market has fallen to single digits. What are your responses?
KohDong-jin: I apologize for the declining market share in China. We replaced local leaders when the share fell to single digits and streamlined three or two sales organizations to accelerate decision-making. We need some time to see if these measures work.
In addition, the Chinese market is more complicated than the Korean market, and Samsung is trying different methods. The latest flagship products, GalaxyNote8 and GalaxyS9, have helped us increase market share in recent months.
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