next decade, rise to fifth in the world in brand value, and invest $20 billion
in five industries in which it didn’t currently have a strong presence: biotech
drugs, solar panels, e-vehicle batteries, medical devices, and LED lighting.
Its goal was to discover and invest in new growth areas, as it was clear the
older ones—LCD displays, cellphone batteries, flash memories—would not
continue to grow forever.
The company made organizational changes as well. G.S. Choi was
appointed CEO in December 2009, and Jay was elevated to chief operating
officer. At forty-nine years of age, Jay was inching toward succession. His
father had been forty-five when he became chairman.
In March 2010, the company declared a “management crisis.” Almost
two years after his resignation, Chairman Lee returned to his chairmanship
to preside over the Samsung empire once again.
“We are now facing a real crisis.” he announced. “We must start again.
We have no time for hesitation. Let us move forward looking only ahead.”
The “Vision 2020” areas of growth were not Samsung’s only targets.
Increasingly, executives realized that they had an Apple problem. The
iPhone ban in South Korea had been lifted in 2009, and Apple was poised
to hurt Samsung badly.
A group of executives gathered to plot Samsung’s next great campaign:
to beat Apple.