On the 27th, marking the 78th anniversary of LG Group's founding, the company held its first executive meeting of the year to explore group-wide crisis response strategies amid uncertainties in the global business environment. This meeting, coinciding with the founding anniversary, is interpreted as more than a simple quarterly management strategy meeting, serving as a forum to establish mid- to long-term strategies.
According to business circles, Koo Kwang-mo, Chairman of LG Group, held a meeting in the morning at LG Inhwa-won in Icheon, Gyeonggi Province, with presidents of major group affiliates to discuss execution plans for LG's sustainable growth. It is reported that about 30 top executives from key affiliates including LG Electronics, LG Display, LG Innotek, LG Chem, and LG Energy Solution attended the meeting.
Currently, LG Electronics is focusing on AI-based premium home appliances to strengthen profitability and seek a turnaround. LG Display is accelerating its restructuring toward an OLED-centered system through the sale of its LCD factory in China. LG Energy Solution is struggling due to a slowdown in battery demand.
LG Group Chairman Koo Kwang-mo (center), LG Chem Vice Chairman Shin Hak-cheol (left), and LG Corporation Vice Chairman Kwon Bong-seok are attentively listening to the presentation with serious expressions at the LG 'Executive Workshop' held last September. Photo by Yonhap News
LG Group holds an executive council meeting every quarter where top executives from major affiliates gather, but the meeting held on the founding day is regarded as carrying more weight in terms of symbolism and messaging. This is because it became an opportunity to review and share the group’s strategic direction and execution roadmap at a time when ‘compliance management’ and ‘nurturing future core businesses,’ emphasized by Chairman Koo, have become more important than ever.
In particular, the rapidly changing business environment, including global supply chain restructuring, geopolitical risks, and advancements in AI technology, demands quick decision-making and execution from companies. LG Group has begun full-scale efforts to turn these changes into opportunities amid the crisis. Chairman Koo reportedly emphasized strategic investment and technology development in business areas that will serve as future growth engines while enhancing the competitiveness of existing businesses during the meeting.
At the regular shareholders’ meeting of LG Corporation the day before, Chairman Koo stressed in his CEO remarks that "now is the golden time for change and innovation toward a sustainable future." He added, "We must deeply understand the changes of a new era that are on a different level from the past and transform the value derived from them into industry," highlighting the need to secure competitiveness through customer-centered innovation.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
