'Gu Kwang-mo Administration' Solidifies Next Year's Strategy... Relay Business Report Meetings Over One Month

Next Week LG Saenggeon Launch, Progress by Affiliates
Discussion on Three Key Themes: Practicality, Customer Value, and Future

Koo Kwang-mo, Chairman of LG Group

[Asia Economy Reporter Dongwoo Lee] The LG Group business report meetings, chaired by Koo Kwang-mo, Chairman of LG Group, will begin on the 19th. During these meetings, Chairman Koo is expected to review this year’s management performance and next year’s business plans for each affiliate, as well as to concretize the group’s future strategic businesses.

According to industry sources on the 16th, LG Group will hold business report meetings for about a month starting next week with LG Household & Health Care. Following chemical affiliates such as LG Chem, meetings will proceed in order with electronics and telecommunications affiliates. Although video conferencing was considered in light of social distancing measures due to the COVID-19 pandemic, it has been confirmed that the meetings will be held in person.

Chairman Koo will personally preside over the meetings, attended by CEOs and business division heads of each affiliate. This year, the discussions will focus intensively on strategies to enhance customer value and strengthen competitiveness in core and growth businesses, aligned with the three key themes emphasized by Chairman Koo: pragmatism, customer value, and future readiness.

In particular, in the post-COVID-19 era, the plan is to explore opportunities for each affiliate, customer-centric transformation measures, and strategies to accelerate digital transformation. LG Electronics is expected to address strategies for strengthening non-face-to-face sales and marketing in response to the COVID-19 environment.

Inside the company, there is also a forecast that the focus will be on strengthening COVID-19 response measures discussed at the executives’ workshop held last month. Accordingly, detailed discussions are expected on business model innovation tailored to each business’s characteristics, supply chain diversification, and transformation into a customer-centric company.

Attention is also focused on what message Chairman Koo will deliver at this meeting, his fourth since taking office. At the executives’ workshop held last month, Chairman Koo emphasized, “The existing approach of responding to average customer needs can no longer be chosen,” adding, “Based on relentless focus on customers, now is the turning point when we must change.”

An LG Group official said, “This year’s business report meetings are understood to be occasions to report key results such as countermeasures in the rapidly changing environment including the COVID-19 pandemic,” and added, “Future exploration plans are expected to focus on management strategies that can bring us closer to customers in the post-COVID-19 era.”

Meanwhile, LG Group has been flexibly responding by holding ad hoc business strategy meetings instead of business report meetings in the first half of this year due to the rapidly changing management environment. Until last year, major matters for each affiliate were decided through business report meetings held twice a year in the first and second halves, but from this year, emphasizing pragmatism, the group announced plans to operate only one meeting in the second half.

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