Samsung SDS, the South Korean IT solutions affiliate of Samsung Group, said Thursday that it has appointed Lee June-hee, corporate executive vice president of the Network Business Division at Samsung Electronics, as its new CEO. Lee is recognized as an expert in information technology. He has played a key role in leading the commercialization of Samsung’s flagship smartphone Galaxy series and 5G networks at the tech giant. After graduating in electrical and computer engineering at Seoul Na

Industry Nov. 28, 2024

Samsung Display announced Thursday that it has appointed Yi Chung, head of mobile display business at the display maker, as its new chief executive officer. Yi has a Ph.D. in chemical engineering from Pohang University of Science and Technology. He is a seasoned expert in display technology, having accumulated extensive experience in liquid crystal display and organic light-emitting diode development and process technologies during his tenure at Samsung Electronics’ LCD Division and Samsun

Industry Nov. 28, 2024

Samsung Electronics on Wednesday replaced its foundry business head in its year-end leadership reshuffle and created the new president-level position of chief technology officer in an apparent move to breathe fresh air into its sluggish foundry business. The tech giant promoted Han Jin-man, executive vice president and head of Device Solutions America, to president and head of its foundry business. After joining Samsung in January 1989, Han has held various roles, including leading DRAM and flas

Industry Nov. 27, 2024

SK Group Chairman Chey Tae-won suggested responding to deepening global uncertainties with "design thinking" at the annual Tokyo Forum on Friday. “Most people think design and business are separate disciplines, but both fundamentally share the characteristic of creating new ventures with limited resources,” the chairman said in his opening speech at the event in Tokyo. Chey emphasized the importance of design thinking in the business domain, stating, “CEOs must act

Industry Nov. 22, 2024

OpenAI, the creator of ChatGPT, has reportedly engaged in discussions with Samsung Electronics to integrate artificial intelligence capabilities into Samsung’s electronic devices, according to a report Friday. This move could position OpenAI as a potential challenger to Google, the leading player in the browser and search markets. The discussions were said to mirror a recent agreement between OpenAI and Apple, where OpenAI’s technology powers Apple Intelligence features on new device

Technology Nov. 22, 2024

LG Innotek said Friday it would invest 375.9 billion won ($268.3 million) in a facility in Vietnam to respond to new models in the optical solutions business and enhance its competitiveness. The investment period will extend until Dec. 31. of the following year. The new investment is part of the company’s previously announced plan to invest 1.3 trillion won in expanding its production subsidiary in Hai Phong, Vietnam. The Vietnam production facility primarily manufactures camera modules. T

Industry Nov. 22, 2024

LG Group chose stability in its year-end executive reshuffle on Thursday, rather than seeking drastic changes in the top brass amid growing uncertainties surrounding the business environment at home and abroad. Most CEOs at key affiliates retained their jobs, considering their experiences in tackling challenges at times of economic difficulties. Battery-making unit LG Energy Solution CEO Kim Dong-myung and consumer goods unit LG H&H CEO Lee Jung-ae kept their posts. LG Uplus, the telecom uni

Industry Nov. 21, 2024

The top executives of 16 major Korean conglomerates, including Samsung, SK, Hyundai Motor and LG, on Thursday issued a rare joint statement opposing the proposed revision to the Commercial Act, which aims to increase the duties of corporate board members. “The proposed revision will lead to excessive litigation and potential attacks from overseas speculative investors, thereby hindering the normal management activities of board members,” the business leaders said. “This will ob

Industry Nov. 21, 2024

LG Uplus, one of the nation's top three telecom carriers, announced Thursday that it has appointed Hong Bum-shik, head of corporate strategy at LG Corp., LG Group’s holding unit, as its new CEO. Hong, who earned a master’s degree in international affairs at Columbia University, served in strategist roles at SK Telecom and Bain and Company. He then joined LG Corp. in 2019 to oversee the group’s business strategy and nurture new growth drivers. He is also considered a merg

Industry Nov. 21, 2024

Hanwha Life, a leading Korean insurance company, said Wednesday it has signed a stock purchase agreement to acquire a 75 percent stake in US securities firm Velocity Clearing. Established in 2003, New York-based Velocity Clearing is an IT-based securities firm primarily serving institutional investors. It offers various financial services, from clearing and settlement to securities lending and prime brokerage. Recently, it has expanded its unlisted US stock brokerage services to global clients,

Market Nov. 20, 2024

Samsung Electro-Mechanics said Wednesday it has achieved the automotive spice (A-spice) level 3 certification for its camera modules used in automotive electronics and electrical equipment. A-spice is a European certification that evaluates the software reliability and development capabilities of automotive component manufacturers. It is categorized into six levels, ranging from the lowest, level 0, to the highest, level 5. Companies must meet level 2 or higher to supply products to European aut

Technology Nov. 20, 2024

By Jang Hye-lim The return of President Donald Trump signals a transformative moment for the global semiconductor industry. Geopolitical tensions, trade restrictions and rapid technological advancements are reshaping this critical sector. South Korea's semiconductor giants, Samsung Electronics and SK hynix, are global leaders in the memory chip market, but maintaining their dominance in this evolving landscape will require strategic adaptability. They face unprecedented challenges as they

Industry Nov. 19, 2024

Korean internet giant Naver said Monday that it has agreed to establish a joint venture with Saudi Arabia’s state-owned real estate development and investment company to operate and commercialize digital twin platforms in the 17th largest economy in the world. Naver and National Housing Company signed the deal on the first day of Cityscape Global 2024 held in Riyadh, Saudi Arabia, on Nov. 11. The joint venture, under the umbrella of Naver Arabia, will serve as Naver’s first busines

Industry Nov. 18, 2024

South Korean internet giant Naver on Friday reported record-high quarterly earnings for the July-September period, showing strong performances in all of its major businesses including the search platform, commerce and content. During an earnings call, Naver Chief Executive Officer Choi Soo-yeon said the company would expand its "AI Briefing" summary function to mobile phones next year. The feature provides direct answers to search queries by understanding user intent and context based

Industry Nov. 8, 2024

LG Uplus CEO Hwang Hyeon-sik said Thursday the company would invest up to 3 trillion won ($2.15 billion) in the telecom carrier's artificial intelligence business over the next four years. The announcement came as the CEO introduced the company's AI transformation strategy during a press briefing in Seoul. Hwang highlighted that the key behind the telecom carrier's AX strategy is customer-centered thinking and AI orchestration. “To grow as an AX company, it’s essenti

Industry Nov. 7, 2024