January 3, 2014

Samsung Chairman Urges Staff to Innovate 'Non-Stop' and Drop Hardware Focus

Samsung Electronics chairman Lee Kun-hee is calling for his company to forget its old business models and focus on a new wave of software innovation. As the Wall Street Journal reports, Lee used his annual new year speech to urge the company to "get rid of business models and strategies from five, ten years ago and hardware-focused ways." To achieve that, he wants the company's massive research and development centers to "work around the clock, non-stop."

Lee's speech comes just a day after Samsung's market cap dropped by over $6 billion amid analyst forecasts that company profit growth will fall to under 10 percent this financial quarter. Samsung's profits have grown spectacularly in recent years, and although the company is still...

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