Chaseok Yong, Vice Chairman of LG Household & Health Care, "Must Accelerate the Pace of Change in Times of Crisis"

[Asia Economy Reporter Yujin Cho] Cha Seok-yong, Vice Chairman of LG Household & Health Care, said on the 4th, "Although the environment is uncertain and changing every moment, we must prepare meticulously for the future and take bold challenges."

In his New Year's address, Vice Chairman Cha stated, "Experts predict that the global economy this year will be a 'long and rough road,' and economic outlook uncertainty and consumer sentiment are expected to worsen further."

He said, "Last year, the global economy experienced severe economic activity contraction and recession due to the spread of COVID-19 and high-intensity lockdown measures. Despite such business conditions, cosmetics performed well in China, the United States, and other markets with fierce adherence to principles. Household goods and beverages responded agilely to new demands and focused capabilities on digital, achieving growth across the board," praising the efforts.

He then presented global business expansion, strengthening solid fundamentals, and proactive response to changes in customers and markets as key priorities for 2021.

Vice Chairman Cha emphasized, "As the company's scale grows, we must solidify our fundamentals even more. We need to establish and spread the Reliable Quality Management system (RQM) to ensure consistent quality of our products at domestic and overseas manufacturing sites, raising quality to a global standard. To strengthen responses to customer pain points, we must expand management scope to customer touchpoints of distributors and apply global-level management processes."

He also stressed, "We must secure our unique capabilities and competitiveness to accurately sense evolving customers and proactively respond to market changes." He added, "We should strengthen the execution power of live commerce familiar to the MZ generation and develop digital marketing capabilities while steadily preparing digitalization to maximize customer value and advance work methods."

Finally, he reiterated, "When a crisis comes, the speed of change must be fast." He said, "In a rapidly changing environment like now, complacent thinking that yesterday's answers and perspectives will still be valid today is the starting point of downfall. I hope we become a dynamic company that overcomes crises amid rapid changes by escaping the familiar and pursuing change, beating those who cling to fixed ideas."

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