Regular General Meeting of Shareholders for the 21st Term on the 27th
Appointment of Professor Seungwoo from Seoul National University as Outside Director
LG Electronics has strengthened its future growth engines by adding 5G wireless private network business and cosmetics sales to its business objectives.
On the 27th, LG Electronics held the 21st regular general meeting of shareholders at the LG Twin Towers in Yeouido, Seoul, and passed agenda items including ▲amendment of the articles of incorporation to add business objectives ▲approval of the financial statements for the 21st term ▲appointment of directors ▲appointment of audit committee members ▲approval of the limit on directors' remuneration.
Notably, LG Electronics added telecommunications business and cosmetics sales to its business objectives. Through this, LG Electronics has laid the groundwork for the Private 5G business, a wireless private network that provides connectivity to specific companies and locations using 5G technology as part of the telecommunications business. Additionally, by combining cosmetics sales with beauty and medical devices, the company plans to enhance customer purchasing convenience and product utilization value.
As outside directors, Professor Seo Seung-woo of the Department of Electrical Engineering at Seoul National University was newly appointed. Professor Seo concurrently serves as the director of the Intelligent Vehicle IT Research Center at Seoul National University and as the president of the Korean Institute of Electrical Engineers. He is recognized as an expert in mobility and electronics. Professor Seo was also appointed as a member of the audit committee.
LG Electronics has set its management strategy for this year as securing a "future-oriented business structure." To this end, it plans to accelerate qualitative growth in existing businesses and advance the business structure to secure new growth engines. It also focuses on strengthening customer-centric business operations that create customer experience outcomes beyond expectations and enhancing future readiness capabilities by securing a future technology pipeline.
By business division, the H&A Business Division plans to establish solid competitiveness in home appliances such as refrigerators and washing machines and expand overseas market entry for strategic and nurturing businesses such as system air conditioners, built-in appliances, and hygiene and health appliances. It will also secure future competitiveness by combining personalized next-generation home appliances with various lifestyle services.
The HE Business Division aims to firmly establish a competitive edge in OLED (Organic Light Emitting Diode) TVs and accelerate growth in platform businesses based on advertising and content, continuously diversifying its TV-centered business portfolio.
The VS Business Division plans to proactively respond to changes in the electric vehicle market and lay the foundation for sustainable growth based on preparations for next-generation products. It also intends to maintain a profitable trend through stable supply chain management and continuous cost reduction activities. Synergies with LG Magna are also being pursued.
The BS Business Division will strengthen innovative IT and ID product competitiveness from the customer perspective and enhance customer-tailored solution capabilities to accelerate the transition to a solutions business.
Baek Doo-yong, Vice Chairman and CEO of LG Electronics, said, "We will promote securing a future-oriented business structure recognized for value by the market and customers as the company-wide strategic direction."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
