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Samsung quietly held its 53rd Founding Day and 54th general shareholders meeting

Two days ago, Samsung Electronics held its 53rd Founding Day at Samsung Digital City located in Suwon. The company’s annual Founding Day event was held quietly as South Korea is mourning the Itaewon accident, where 155 people died during Halloween celebrations. The ceremony was attended by various high-level executives, including Vice Chairman Han Jong-hee and President Kyung Kye-hyun.

In his speech, Han Jong-hee said that Samsung will strive to create new business opportunities in AI (Artificial Intelligence), IoT (Internet of Things), metaverse, and robotics segments to accelerate its growth. The company’s Chairman, Lee Jae-yong, who was recently promoted, didn’t attend the event. He was recently pardoned by the South Korean President and then released from prison.

Samsung Electronics was established in South Korea in January 1969, but the company chose its Foundation Day to be November 1 as that was the day when the company merged with its semiconductor in 1988. While the company is known for its smartphones and TVs, a lot of Samsung’s revenue comes from its memory chips and contract chip manufacturing businesses.

The South Korean firm also held its 54th “extraordinary” general shareholders’ meeting to appoint two new outside directors: Heo Eun-nyeong and Yoo Myung-hee. Heo Eun-nyeong is a professor of energy resources engineering at Seoul National University. Yoo Myung-hee is a former trade minister and deputy minister in charge of negotiations for free trade agreements.