CEOs in the Electronics Industry Unite: "High COVID-19 Uncertainty, Strengthen Response"

Lee Seok-hee, CEO of SK Hynix, is speaking at the shareholders' meeting held on the 20th at the headquarters in Icheon, Gyeonggi Province.

[Asia Economy Reporters Changhwan Lee, Dongwoo Lee, Gimin Lee] CEOs of major electronics companies stated at the shareholders' meetings held on the 20th that due to the novel coronavirus infection (COVID-19), management uncertainty is higher than ever this year, and they will actively respond to it.

Lee Seok-hee, CEO of SK Hynix, said at the regular shareholders' meeting held at the headquarters in Icheon, Gyeonggi Province, "This year, a gradual demand recovery was initially expected, but the spread of COVID-19 has increased uncertainty about market improvement."

He emphasized, "While prioritizing the safety of our members, we will continuously strengthen cost competitiveness and maximize asset efficiency to build resilience to prepare for uncertainties."

To this end, he explained, "We will begin full-scale production and expand sales of next-generation DRAM and NAND flash products developed last year within this year to enhance cost competitiveness."

He added, "Through advanced quality management, we will strive to create number one products that satisfy customers and expand their market. We will also maximize the efficiency of assets secured during the last boom to optimize investments and increase profitability, while improving human productivity through innovation in work methods."

On the same day, LG Display also held its shareholders' meeting at the company’s Learning Center in Paju, Gyeonggi Province. Jung Ho-young, newly appointed inside director and CEO of LG Display, stated, "Considering the rapidly changing management environment due to the spread of COVID-19, we will comprehensively assess key risks and opportunities in business operations and take proactive measures."

Jung said, "Despite external uncertainties and fierce competition within the industry, we will continuously pursue key tasks to strengthen core competitiveness centered on OLED."

LG Innotek also promised shareholders to strengthen COVID-19 response efforts.

Jung Cheol-dong, CEO of LG Innotek, said at the shareholders' meeting held at LG Science Park in Magok, Gangseo-gu, Seoul, "Despite last year's difficult management environment, we achieved favorable business results through proactive responses. Although this year is expected to be challenging due to concerns over a global economic downturn caused by the spread of COVID-19, we will build a foundation for sustainable future growth and grow into a global leading materials and components company."

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