Top Executives Gather at LG Inhwa-won on the 25th... Over 40 Attendees
Discussion on Analysis and Response Strategies Amid Rapidly Changing Business Environment
Focus on AI-Related Businesses
LG CEO Koo Kwang-mo urged employees, saying, "Let's go beyond the conventional methods and set the highest and first challenging goals to create a history that will be recorded in LG's future together."
According to LG on the 26th, CEO Koo Kwang-mo held a 'President Workshop' the day before at LG Inhwa-won located in Icheon, Gyeonggi Province, where top executives gathered to discuss mid- to long-term management strategies.
The workshop was attended by about 40 people, including LG CEO Koo Kwang-mo, CEOs of affiliates, and heads of business divisions. During the one-day workshop, they shared awareness of the increasingly tense management environment and had in-depth discussions on ways to secure competitiveness through accelerating the execution of differentiated customer value.
On the 25th, Koo Kwang-mo, CEO of LG Corporation (center), Shin Hak-cheol, Vice Chairman and CEO of LG Chem (left), and Kwon Bong-seok, Vice Chairman and COO of LG Corporation, attended the executive workshop held at LG Inhwa-won in Icheon, Gyeonggi Province. [Photo by LG]
CEO Koo and the management team began the workshop with an analysis of the rapidly changing management environment and discussions on response measures. In particular, Cho Joo-wan, CEO of LG Electronics, shared examples of the customer-centric management system that LG Electronics has pursued over the past three years, emphasizing bold innovation and change. He also shared information about the competitiveness of rapidly growing Chinese companies.
LG's top executives agreed that change is necessary not only in the electronics industry but also in most businesses within the group, and decided to set higher, more challenging goals beyond the existing level of improvement to overcome this. They agreed that differentiated customer value should be the standard for business decision-making and actions as a customer-centric company, and united in the intention to find and execute what can be done immediately.
CEO Koo said, "The current LG is the result of setting and challenging goals to be the world's best and first," adding, "Everyone talked about the limits of white goods, but despite the slowdown in the growth of white goods, we set a goal of 30% innovative growth instead of 5% improvement and created the number one brand leading the global home appliance market."
He also emphasized, "The battery business, which was even talked about for withdrawal, became a turning point in the electric vehicle era by mass-producing the world's first electric vehicle battery," and "In Korea, we raised the foundation of the Korean new drug industry by being the first to obtain approval from the U.S. Food and Drug Administration (FDA), which was thought to be impossible."
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