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Samsung Electronics CEO says the company needs to adapt to the new environment to succeed

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Last updated: November 4th, 2015 at 09:30 UTC+01:00

Kwon Oh-hyun, Samsung Electronics CEO and vice chairman, has said that the IT industry's growth is hitting a plateau while on the other hand there's increased competition from new companies that are flooding the market with new technology and products. Keeping that in perspective he says that Samsung Electronics needs to significantly change to not only steady its ship right now but also become the first mover in the years to come.

Instead of sticking to its successes in the past, Oh-hyun says that Samsung needs to adapt to the new environment to succeed in the future. “I believe now is the time for us to turn ourselves into a first mover from a fast follower,” he adds. Industry watchers believe the CEO's recent comment show that the structural organization Samsung will undertake by the end of this year might be larger in scale than currently believed. Multiple reports have already come in about Samsung cutting thousands of jobs while it persuades workers in countries where it operates manufacturing plants to enter voluntary retirement. Samsung has also said that it's going to further address shareholder concerns about payouts, a $9.9 billion share buyback program has already been announced, and the company says it's going to further increase payouts in the coming years. All of this goes to show that the Samsung of the future may very well be leaner with improved relations among the company and its shareholders as it looks to clinch a first mover advantage in the technologies of the future.

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