2020 Business World Seen Through the First New Year's Message from the Chairman... Customer Trust and Future Growth as Keywords

Hyundai Motor Group Vice Chairman Chung Eui-sun is delivering a New Year's address at the 2020 Hyundai Motor Group Kick-off Ceremony held at Hyundai Motor Company headquarters in Seocho-gu, Seoul, on the 2nd. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Hyewon] "We want to make 2020 the inaugural year for securing leadership in future markets. Starting this year, we will create visible achievements in future sectors." (Chung Euisun, Executive Vice Chairman of Hyundai Motor Group)

"We must change all elements including existing business methods, management habits, and work attitudes with the determination to start over from scratch." (Shin Dongbin, Chairman of Lotte Group)

As the new year 2020 begins, the first messages from major group heads and top executives strongly reflected their determination to overcome management crises caused by challenging internal and external environments through competitiveness and to secure future leadership based on a thorough customer foundation. The business community views 2020 as the starting point of a new decade and a turning point for growth, unanimously agreeing that in the era of digital transformation, they must quickly adapt to changes, further strengthen existing business capabilities, and proactively explore future businesses.

The keywords that run through the New Year's addresses of CEOs from major conglomerates such as Samsung, Hyundai Motor, LG, Lotte, Hanwha, GS, and Shinsegae on the 2nd are summarized as ▲ securing leadership in future businesses ▲ restoring customer trust ▲ strengthening digital transformation capabilities ▲ innovating organizational culture.

Effectively acting as the group's top leader and presiding over the opening ceremony for the second consecutive year, Executive Vice Chairman Chung announced plans to invest over 100 trillion won over the next five years, aiming to visualize leadership in future markets such as electrification, autonomous driving, and mobility services, while also promoting structural improvements across all business areas. Whereas last year's New Year's message proposed a leap as a game changer leading market trends, this year he strongly expressed the will to achieve visible results in future sectors. Executive Vice Chairman Chung particularly emphasized technology, business foundations, and organizational culture innovation, underscoring that the ultimate goal of these changes and innovation efforts is the 'customer.'

Koo Kwang-mo, Chairman of LG Group

The heads of LG Group, Lotte, and Shinsegae Group also reiterated their policy to place customer value as the top priority in management. Koo Kwangmo, Chairman of LG Group, who for the first time eliminated the offline opening ceremony this year, urged making 2020 a year of practicing with the customer's heart. On that morning, Chairman Koo sent a video titled 'LG 2020 New Year's Letter' containing his New Year's address to LG employees worldwide, saying, "I hope we engrave this one thing in our hearts today: to practice with the customer's heart. Always think from the customer's perspective and immediately put it into action." Following last year's emphasis on 'LG's unique customer value,' this year he placed emphasis on 'practice' by thinking from the customer's perspective and executing promptly.

Shin Dongbin, Chairman of Lotte Group, who took a strong reform personnel reshuffle at the end of last year and stands at a new starting line, said in his New Year's address, "Let's create a sustainable future through empathy (共感) and coexistence (共生)," and urged, "Please strive to provide customers with value one step faster than other companies and one step better than yesterday."

Jung Yongjin, Vice Chairman of Shinsegae Group, also included the importance of customers in his New Year's address, stating, "Ultimately, the answer must be found in customer dissatisfaction." He instructed focusing on three capabilities: restructuring profitable business structures, 'fanatical focus' on customers, and discovering new businesses for future growth.

Voices emphasizing the need for a sense of crisis amid the turning point of a new decade were also strong. Chung Ji-sun, Chairman of Hyundai Department Store Group, pointed out, "We must resolve with a desperate determination that if we do not ride the wave of change, we will inevitably sink," and added, "In a situation where emergencies have become the norm, it is important to establish growth strategies through 'innovative thinking' that understands the flow of change and finds alternatives."

Heo Tae-soo, Chairman of GS Group

Huh Tae-soo, Chairman of GS Group, who made his debut at the opening ceremony that day, emphasized securing and nurturing talent with digital global capabilities and strengthening digital transformation, while prioritizing building an agile organizational culture and creating an open innovation ecosystem.

Kim Seung-yeon, Chairman of Hanwha Group, known as the 'eldest brother' of the business community, said, "This year should be one to prepare for a leap into the new decade by continuously securing Hanwha's leading position in each business and future value," presenting a vision of accelerating digital transformation, securing market leadership by business group, and growing as a sustainable company based on trust.

This content was produced with the assistance of AI translation services.