First New Year's Message Since Taking Office
Five Core Priorities for the Coming Year
Emphasizing Speed to Strengthen Competitiveness
Focusing on B2B, Solution, and D2C Businesses
Jaecheol Ryu, the newly appointed Chief Executive Officer (CEO) of LG Electronics, delivered a New Year's message, stating, "Let us move forward with confidence, believing that greater opportunities lie within crises, and create a new leap together." He presented five core priorities: ▲Strengthening competitiveness in core businesses ▲Accelerating qualitative growth ▲Enhancing the regional portfolio ▲Identifying new growth opportunities ▲Transforming the way we work.
On December 23, CEO Ryu sent a New Year's video message to approximately 70,000 employees working across the globe, saying, "Over the past few years, we have reinforced our fundamental competitiveness and added new growth drivers, proving in the market that LG Electronics' strategies and execution capabilities are effective." He continued, "Our strength lies in achieving a competitive edge through thorough customer-centric preparation and swift execution, and based on this strength, let us focus on these five core priorities to once again reshape the competitive landscape."
First, CEO Ryu highlighted speed as the key to strengthening competitiveness in core businesses. He said, "In an increasingly fierce competitive environment, speed is the key to winning. In terms of product leadership, we must enhance the competitiveness of core components and quickly commercialize 'Winning Tech' (core technological capabilities) to disrupt the market and create gaps that competitors cannot easily close." He emphasized the importance of focusing on areas where LG Electronics can lead trends and win in competition, from the perspectives of customer value, business potential, and technological competitiveness.
Next, he stressed the need to select and focus on B2B (business-to-business), solution, and D2C (direct-to-consumer) businesses to accelerate qualitative growth. He stated, "We will drive growth based on profitability by making concentrated investments in B2B businesses such as CAC (commercial air conditioning) and IVI (in-vehicle infotainment systems), solution businesses that expand business areas by connecting with devices like webOS, and D2C businesses such as subscriptions and OBS (online brand shops) that create new business models by securing direct customer touchpoints."
CEO Ryu also announced plans to enhance the regional portfolio by fostering emerging markets. He specifically mentioned, "We will focus on aggressively nurturing India, which has become a national brand and recently completed a successful IPO; Saudi Arabia, a key market for B2B business expansion such as AI data center cooling solutions; and Brazil, where we are establishing a local production base. In these markets, we set an ambitious goal to double sales by 2030."
For new growth opportunities, CEO Ryu identified areas such as ▲AI Home ▲Smart Factory ▲AI Data Center Cooling Solutions ▲Robotics. He described these as fields where LG Electronics can secure a competitive edge, stating, "We will actively leverage our strengths and strategic partnerships to seize growth opportunities and increase our chances of success."
He also cited transformation in the way of working through AX (AI Transformation) as a key task. CEO Ryu said, "By applying AI technology to our work, we can differentiate the customer experience and significantly enhance productivity and speed. We will build an environment where everyone can easily and conveniently utilize AI, enabling all employees to work faster and create greater value."
Finally, CEO Ryu emphasized, "Going forward, the most important competitiveness for LG Electronics will be the speed of execution. In every decision, we must put the customer first and act with the conviction that 'execution is power' and 'action is the answer.'" He added, "When relentless execution accumulates, customers will truly experience the exceptional value that 'LG Electronics is truly different,' and that is what we do best."
Meanwhile, since 2022, LG Electronics has been delivering its New Year's message ahead of the new year, allowing employees ample time to wrap up the year and proactively prepare for the coming year.
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