Jung Ho-young, LG Display President, "Will Strengthen Competitiveness Centered on OLED"

New Inside Director Appointed at Regular General Meeting
"Will Proactively Address Management Risks"

Jung Ho-young, President of LG Display

[Asia Economy Reporter Dongwoo Lee] LG Display held its 35th regular general meeting of shareholders on the 20th at the LG Display Learning Center located in Paju-si, Gyeonggi-do, sharing its 2019 business performance and management direction for this year.

Jung Ho-young, who was appointed as CEO on the day, stated, "Despite uncertainties in external conditions and intense competition within the industry, we will continue to focus on strengthening our core competitiveness centered on OLED (organic light-emitting diode)."

He emphasized the determination to overcome the crisis, saying, "Considering the rapidly changing business environment due to the spread of the novel coronavirus infection (COVID-19), we will comprehensively consider not only the key risks in business operations but also new opportunities, and respond systematically and proactively.”

LG Display resolved a total of three agenda items: approval of the 2019 financial statements, approval of director appointments (two inside directors), and approval of the director remuneration limit.

Due to intensified competition in the display industry and continued price declines, LG Display recorded sales of 23.4756 trillion KRW and an operating loss of 1.3594 trillion KRW last year, turning to a deficit. On the other hand, as a result of preparing for a business structure transition to OLED, the sales proportion of OLED TVs within the TV business increased from 24% in 2018 to 34% last year.

Along with the new appointment of CEO Jung as an inside director, Executive Director Seo Dong-hee was reappointed as an inside director in his role as Chief Financial Officer (CFO).

LG Display resolved to reduce the director remuneration limit to 4.5 billion KRW this year, a 47% decrease compared to the previous year. This is the first time in 11 years since 2009 (8.5 billion KRW) that the director remuneration limit has been reduced.

Meanwhile, at the entrance of the general meeting venue, thorough quarantine measures were taken, including measuring attendees' temperatures and maintaining social distancing between seats.

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