Samsung’s Chairman urges to company to abandon old habits

Samsung investors have shown concerns about Samsung’s future outlook as they drove the company shares down by about 10% in 2013 despite Samsung’s record-breaking earnings results. In his annual speech at the start of the new year, Samsung Electronics Chairman Lee Kun-hee addressed this problem and stressed that the company needs to get rid of old habits.

In his annual speech at the start of the new year, Samsung Electronics Co.005930.SE -0.99% Chairman Lee Kun-hee highlighted how tough the competition has been in 2013 and emphasized the pressing need to move away from old habits and come up with new technologies. “Research & development center(s) should work around the clock, non-stop,” Mr. Lee said according to a statement provided by Samsung. He also said Samsung must “get rid of business models and strategies from five, ten years ago and hardware-focused ways.”