[New Year's Message] Kwon Bong-seok, CEO of LG Electronics, "Systematic Preparation for Future Businesses Creating LG Fandom"

Kwon Bong-seok, CEO of LG Electronics

[Asia Economy Reporter Changhwan Lee] Kwon Bong-seok, CEO of LG Electronics, urged employees on the 4th in his New Year's address to prepare future businesses that can create an LG fandom based on understanding customers.

CEO Kwon said, "Thanks to the passion and excellent capabilities of our employees, LG Electronics has been recognized as a trusted brand by customers in the global market, and in the second half of the year, we achieved quarterly record-high performance, enhancing both growth and profitability."

Regarding this year's strategic tasks, he stated, "Efforts to create 'change through growth and growth through change' based on customer value must continue," and emphasized, "We must consistently deliver management performance that proves last year's achievements were not one-time but based on our fundamental competitiveness."

He added that while enhancing the competitiveness of existing businesses, it is necessary to systematically prepare future businesses that can create an LG fandom based on understanding customers and to improve execution capabilities to advance a business portfolio focused on qualitative growth.

CEO Kwon emphasized, "To achieve strategic tasks, it is very important for employees to change the way they work and think," and said, "Digital transformation based on digital technology should not be forgotten as its ultimate goal is to understand the analog realm of customers' emotions and values beyond everyday innovation."

He also said that to create unprecedented innovation, the focus should be on 'Disruptive Change,' which creates Y through X+α, rather than 'Incremental Growth,' which creates Super X through X+α.

This means moving away from the manufacturing perspective focused on standardization, commonality, and modularization, and boldly developing products and services from the customer's perspective based on a Micro Segmentation strategy, he explained.

To this end, cultivating and securing world-class professional capabilities is essential, and an open organizational culture that encourages new challenges among employees must be established.

Finally, CEO Kwon emphasized, "Simply storing water results in a reservoir, but utilizing that water creates a power plant," and urged, "Let us build LG Electronics like a power plant by leveraging the capabilities we have accumulated so far."

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