GS head tells executives to focus on basics

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GS head tells executives to focus on basics

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GS Group Chairman Huh Chang-soo emphasized the importance of going back to basics at a time of rapid transformation in the global market.

Huh listed the low birth rate and aging society as well as the trade spat between Korea and Japan and the United States and China as major threats to business.

“When the basics are in place, they will make a way,” Huh said in his quarterly executive meeting held Wednesday at GS Tower in southern Seoul. “By thoroughly analyzing the current business environment, we should come up with strategies in case of various scenarios we can face.”

Huh added that GS should establish an open network to keep learning from both its success and mistakes.

“We should be able to take a leap to the next stage, once we keep improving our basic skills,” he said.

The chairman also encouraged executives to upgrade existing business portfolios using the latest technologies including artificial intelligence, the sharing economy and blockchain.

“Younger generations including millennials are changing consumption patterns,” he said. “Amid the changing environment we should look back on what kind of value GS is offering to our new customers and market and actively improve on areas we are found to be lacking in.”

GS affiliates have already been adapting business models, according to GS Group, as Huh has been demanding executives find innovative ways to transform business models.

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

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