Samsung Group garnered much attention from the business sector and the public with a dinner for celebrating the 20th anniversary of the company’s “New Management Initiative” at Shilla Hotel on Monday.

In 1993, Samsung Electronics Chairman Lee Kun-hee proclaimed the initiative during a tour to European cities including Frankfurt, under which he called for a complete renovation of Samsung and its employees to become a truly global brand.

Around 350 presidents and vice-presidents of Samsung’s subsidiaries and CEOs of Samsung’s partners participated in Monday’s event where the participants took time out to reflect on the past two decades.

Lee also discussed with his executives and officials the future direction of the largest conglomerate in Korea, along with the sales targets of each subsidiary firm next year.

Samsung officials said, “This year will be the stepping stone for the company to take another big leap in the next 20 years.”

The celebratory party was initially scheduled to be held on Aug. 16, but was postponed several times amid rumors of the chairman’s deteriorating health.

Monday marks the first time in about nine months after his birthday on Jan. 9 that he had dinner with the chief executives and high-rank officials from Samsung affiliates.

This year’s event was especially meaningful since Samsung Electronics ― the world’s largest electronics company and memory chipmaker ― posted record high quarterly earnings in the third quarter, industry watchers said.

Lee had initially stepped down from chairmanship in 2008 when the firm was hit with suspicions on slush funds and an illegal succession of the leadership to heir apparent Jay-yong. Later on, he made a high-profile return that eventually led to Samsung Electronics to set new earnings records.

The sales revenue of the electronics firm increased 65 percent to 59.08 trillion won from the third quarter of 2010 to the same period this year.

It is expected for the Samsung affiliate to rake in more than 30 trillion won in net income and 200 trillion won in revenue this year.

The electronics business accounts for more than 50 percent of the total revenue of Samsung Group, which marked 380 trillion won in 2012.

By Kim Young-won (wone0102@heraldcorp.com)