Samsung To Give Up Authoritarian Ways, Emulate Startups NewsFactor Network

The company said Thursday its staff pledged to reduce hierarchical practices, unnecessary meetings and excessive working hours in a "Startup Samsung" ceremony held at its headquarters in Suwon, South Korea. Requiring all its executives to sign a statement promising to scrap the company's traditional authoritarian ways. Samsung is searching for new business strategies as a father-to-son leadership transition looms. Lee Jae-yong, 48, is expected to succeed his ailing father, Lee Kun-hee, at a time when Samsung's mainstay semiconductor and phone businesses face intensifying competition from Chinese rivals. Samsung has its eye on expanding into health care and pharmaceuticals, but has lagged Silicon Valley in embracing trends such as autonomous driving and artificial intelligence.