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Samsung targets faster decision-making in '14

SEOUL--Top executives of Samsung Group affiliates discussed how to become a first mover by deploying a swift decision-making process and seeking constant innovation during a strategy brainstorming session for next year, sources said Tuesday.

“The executives put an emphasis on making constant efforts to become a global leader and an innovator,” said an official from the nation's largest conglomerate.

Key participants in the meeting that lasted for two days from Monday at the group's training institute in Yongin, Gyeonggi Province, included CEOs of Samsung affiliates, the official added. The meeting was presided over by Choi Gee-sung, head of Samsung Group's corporate strategy office.

One key topic of the meetings was “mach management,” according to the sources, indicating relentless efforts and changes should be made to break one barrier after another.

Samsung Group chairman Lee Kun-hee first suggested the concept in 2006.

The CEOs also discussed creating shared value, or CSV, to promote co-prosperity with small businesses and society, and measures to widen the gap with other competitors in the global market.

The latest gathering was also aimed at encouraging the CEOs of each affiliate not to remain self-complacent with past success.

Samsung Electronics, the conglomerate's flagship firm, is expected to mark record-high annual revenue of around 250 trillion won (US$236 billion) this year.

The electronics business accounts for more than 50 percent of total sales for the family run conglomerate.

The meetings of the CEOs came after the global conference for next year's strategies last week, where hundreds of executives at home and abroad held a series of meetings at Samsung Electronics' business sites in Suwon and Giheung in Gyeonggi Province.

Samsung employees went on holiday from Tuesday through Jan. 1.

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