Samsung to give up authoritarian ways, emulate startups

SEOUL, South Korea (AP) — Samsung Electronics, the world's largest maker of phones, memory chips and television sets, plans to revamp its authoritarian, top-down corporate culture to become more like a lean startup as it copes with sluggish demand and growing competition.

The company said Thursday its staff pledged to reduce hierarchical practices, unnecessary meetings and excessive working hours in a "Startup Samsung" ceremony held at its headquarters in Suwon, South Korea.

Samsung has its eye on expanding into health care and pharmaceuticals, but has lagged Silicon Valley in embracing trends such as autonomous driving and artificial intelligence.

Samsung says it has been trying to reform its very Korean corporate culture to suit its identity as a global company and to encourage more creativity and grassroots input from workers.