LGU+ CEO Hwang Hyun-sik Reappointed as Inside Director... "Expanding AI and Platform Business"

Regular General Meeting on the 21st at LGU+ Seoul Yongsan Headquarters
CEO Hwang: "CX·DX Innovation... Expanding Platform Business"
Amendment of Dividend Date in Articles of Incorporation, Record Date to be Set After Amount Confirmation

Hwang Hyun-sik, CEO of LG Uplus, was reappointed as an inside director at the regular shareholders' meeting on the 21st.

At the '28th Regular Shareholders' Meeting' held on the 21st at LG Uplus headquarters in Yongsan, Seoul, resolutions were made on ▲reappointment of inside director ▲approval of articles of incorporation amendment ▲reappointment of outside director as audit committee member ▲approval of financial statements ▲approval of director remuneration limits.

First, CEO Hwang was reappointed as an inside director. Hwang, who took office in November 2020, had his term as CEO renewed last November. LG Uplus evaluated the renewal of Hwang’s CEO position as a result of recognized achievements in securing qualitative growth of the core business and future growth engines, including the record lowest churn rate in history, strengthening shareholder returns, and establishing new business strategies such as artificial intelligence (AI) and platforms.

At this shareholders' meeting, CEO Hwang stated, "Despite the rapid changes in the business environment last year, LG Uplus flexibly and agilely carried out its business, continuing its transformation into a digital innovation company and expanding its platform business."

He also said, "This year, to become a customer-centric company, we will strengthen our digital innovation capabilities and expand the platform business based on this," adding, "The entire company will focus all its capabilities to move swiftly and strongly." He continued, "I believe that customer experience (CX) innovation and platform business success are all dependent on digital experience (DX) capabilities, and we will expand business performance based on AI and data," further stating, "In particular, we will utilize the super-large AI ixi-GEN, currently being developed under our proprietary ixi brand, as the core of our AI business."

With the passage of the articles of incorporation amendment related to the dividend date, LG Uplus will set the record date for dividends after confirming the dividend amount. Previously, the record dates for year-end dividends and interim dividends were set as December 31 and June 30, respectively, which meant investors had to invest without knowing the dividend amount. The interim and year-end dividend record dates will be announced through disclosure after board resolution, and the revised dividend policy will be applied from the 2024 fiscal year. The amendment is expected to increase shareholders' predictability of dividends.

Professor Kim Jong-woo of Hanyang University was appointed as an outside director who will serve as an audit committee member. Professor Kim is a data business expert who has served as a director of the Korea Data Mining Society, president of the Korea Intelligent Information Systems Society, and president of the Korea Operations Research and Management Science Society.

Resolutions on the 2023 financial statements and dividends were also made. First, the financial statements showing sales of KRW 14.3726 trillion, operating profit of KRW 998 billion, and net profit of KRW 630.2 billion for 2023 were approved. Additionally, a year-end cash dividend of KRW 400 per common share was confirmed. Including the interim dividend of KRW 250, LG Uplus’s total dividend per share is KRW 650. The dividend payout ratio increased by 1.0 percentage point from 42.2% last year to 43.2%, and the annual dividend yield recorded 6.2%.