Word: yun
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Under the leadership of Yun Jong Yong, an avid disciple of American management gurus like Jack Welch, the electronics company laid off a third of its work force, or about 30,000 people, slashed costs and dropped sideline businesses like pagers and electric coffeepots. Yun recruited top managers and engineers from the U.S. Back in Seoul, recruits were put through a four-week boot camp in which they were awakened before 6 a.m. every day to martial anthems extolling the virtues of being a Samsung man. Marathon mountain hikes were part of the drill...
Throughout the current global slump, Yun has continued to invest in new processes and research. The company refined its semiconductor and liquid-crystal-display operations so effectively that traditional competition from Tokyo was upended. "Samsung is more cost effective, and its manufacturing technology is better than at companies like Sharp and Hitachi," says Shiro Mikoshiba, a Nomura Securities analyst in Tokyo. "The Japanese stopped competing two years...
...Yun and his top managers have demonstrated a century's worth of catch-up in a very short time. Now the question is whether they can fulfill the new expectations for Samsung's future. --With reporting by Cathy Booth Thomas/Dallas, Daren Fonda/New York, Donald Macintyre/Seoul and Jennifer L. Schenker/Paris
...Under the leadership of Yun Jong Yong, an avid disciple of American management gurus like Jack Welch, the electronics company laid off a third of its work force, or about 30,000 people, slashed costs and dropped sideline businesses like pagers and electric coffeepots. Yun recruited top managers and engineers from the U.S. Back in Seoul, recruits were put through a four-week boot camp in which they were awakened before 6 a.m. every day to martial anthems extolling the virtues of being a Samsung man. Marathon mountain hikes were part of the drill...
...Throughout the current global slump, Yun has continued to invest in new processes and research. The company refined its semiconductor and liquid-crystal-display operations so effectively that traditional competition from Tokyo was upended. "Samsung is more cost effective, and its manufacturing technology is better than at companies like Sharp and Hitachi," says Shiro Mikoshiba, a Nomura Securities analyst in Tokyo. "The Japanese stopped competing two years...