– Hyundai Corporation Group holds Global Strategy Conference for three days.
– Heads of more than 40 subsidiaries and branch offices worldwide gather together.
– CEO and Chairman Chung Mong-Hyuck stress Hyundai Corporation Group should continuously seek investment opportunities even in an economic recession.
Chung Mong-Hyuck, Chairman & CEO, Hyundai Corporation Group
“2023 should be the first year for NEST to make a new start and each regional hub office should be able to function as a head office.”
This is what Chairman Chung said to the heads of subsidiaries and branch offices and other employees, concluding the Global Strategy Conference (GSC) on February 1, 2023.
He asked Hyundai Corporation Group members to more actively conduct business, bearing in mind that some projects are economically feasible for NESTs, rather than for subsidiaries and branch offices. In other words, avoiding competition among hubs or branches, synergy should be created through cooperation among NESTs.
“Since the second half of the previous year, the NEST system has produced positive results. We should work harder to share successful business models and to achieve substantial results this year. We must not prevent colleagues from successfully carrying out new projects, on the pretext of focusing on existing businesses,” Chairman Chung added.
Hyundai Corporation Group introduced a business bloc system as part of its localization strategy and named it “NEST” via an in-house contest in 2021. The system is designed to divide global markets into NESTs over a certain size and to promote collaboration among subsidiaries or branch offices via NEST management systems.
As a result, the company has operated five NESTs: North, Central, and South America; South, East, and West Asia; Europe and the CIS; Africa and the Middle East; Japan.
An official from Hyundai Corporation Group explains, “The existing system based on competition among subsidiaries or branches has failed to effectively facilitate cooperation even in the same organization. The new NEST system enables subsidiaries and branch offices in a NEST to collaborate as one team.”
This Global Strategy Conference serves as an opportunity for the NEST system to be actively discussed for the first time. For three days, presidents of subsidiaries and branch offices across the world put their heads together to come up with business strategies by NEST to effectively cope with global regionalization. The first face-to-face event in three years was attended by heads of more than 40 subsidiaries and branch offices, as well as team leaders and higher-ranking officials.
On the 30th of last month, Chairman Chung emphasized in his opening address, “We must not take a passive stance under the pretext of economic slowdowns. Even in an economic recession, we should continuously seek investment opportunities via proactive network operations, considering connection and synergy with existing businesses.”
Hyundai Corporation Group CEO & Chairman Chung Mong-Hyuck delivers an opening speech
at the Global Strategy Conference held on the 30th of the previous month.
February 3, 2023, Maeil Business Newspaper