GS head tells execs to keep adapting to the market

GS Group Chairman Huh Chang-soo stressed that executives should always be open to changing market demands and new technologies during an internal executive meeting held Wednesday in southern Seoul.

“The continued trade war between the United States and China as well as [market uncertainties in] Europe related to Brexit are pulling down our projections of economic growth and the prospects of Korea’s key export industries including semiconductor and petrochemicals don’t look very good,” Huh said during the group’s quarterly meeting participated in by some 150 senior executives and top decision makers of GS affiliates.

As a solution to market uncertainties, Huh said GS needs to adopt “an open decision-making process to make an optimal decision based on various ideas,” adding that executives should “always question whether our know-how or past success formulas still work in the new market environment.”

Huh demanded GS affiliates learn from outside experts and start-ups rather than stick with old strategies.

He said artificial intelligence, big data and the sharing economy have already penetrated peoples’ lives and asked executives to come up with ideas to respond to these changing trends.

BY KIM JEE-HEE [kim.jeehee@joongang.co.kr]