LG Chairman Koo Kwang-mo Calls Executive Meeting... First In-Person Workshop in 3 Years

[Asia Economy Reporter Park Sun-mi] Koo Kwang-mo, chairman of LG Group, convened a meeting of the presidents this week. Although meetings of the presidents are regularly held once every quarter, this is the first face-to-face workshop-style meeting dedicating an entire day since 2019, after three years.

According to the business community on the 28th, Chairman Koo is holding a presidents' workshop this week by gathering all the presidents of affiliates such as LG Electronics, LG Display, LG Chem, and heads of each business division to discuss management issues. This is a different format from the regular quarterly presidents' meetings held at the LG Twin Towers. LG Group held a presidents' workshop at the end of September last year to discuss the global economic outlook and response measures in the post-COVID-19 era, but the meeting was held online reflecting the COVID-19 situation.

At the presidents' meeting held in June this year, Chairman Koo delivered a message under the theme of "Customer Value Management," stating that despite the worsening management environment caused by internal and external uncertainties such as supply chain instability and inflation, LG will steadfastly pursue customer value management. Therefore, this meeting is expected to discuss follow-up measures on this, review the management status for the second half of the year, and consider mid- to long-term management strategy plans.

In particular, facing the triple challenges of high inflation, high exchange rates, and high interest rates in the second half of the year, it is highly likely that LG Group's response measures to the global economic crisis will be a major focus.

This presidents' workshop is also expected to determine the direction of business report meetings held by each affiliate in October to November, where the business performance of the year and next year's business plans will be discussed.

Earlier, Samsung also held a presidents' meeting on the 26th at the Yongin Human Resources Development Center, attended by Samsung Electronics Vice Chairman Lee Jae-yong. It was the first time in two years since June 2020 that all presidents of Samsung's affiliates, including financial affiliates, gathered to listen to lectures and discuss major business issues.

A business community official said, "As the spread of COVID-19 has eased and global economic uncertainties have increased, corporate movements are also accelerating," adding, "Across the business community, corporate executives are meeting directly to discuss countermeasures and devise strategies to respond to crises."