Koo Ja-kyun, Chairman of LS Electric, "Over 10% Annual Growth, Will Become a Leading Company"

Koo Ja-kyun, Chairman of LS Electric

[Asia Economy Reporter Changhwan Lee] LS ELECTRIC has declared a new vision to secure growth for the next decade as the new year begins. The company is determined to evolve into a global digital enterprise that accelerates growth in the era of the 4th Industrial Revolution.

On the 11th, LS ELECTRIC Chairman Koo Ja-kyun held an 'Untact Digital Vision Declaration Ceremony' for all employees and announced the vision 'Drive Change for 2030 (Vision 2030)' to realize accelerated growth over the next 10 years until 2030.

Chairman Koo emphasized, "In an era of uncertainty where industrial paradigms are rapidly changing, we must turn this not into a crisis but an opportunity and pursue evolution beyond innovation over the next decade. Through overwhelming growth, we must become the 'leading company' and 'market dominator' in the era of the 4th Industrial Revolution."

In the past, agricultural societies experienced decelerating economies with growth rates slowing over time, but with the Industrial Revolution, society transitioned to an accelerating economy. Currently, the industrial era has already entered a decelerating economy phase, and as we approach the 4th Industrial Revolution era, we are entering a period of accelerating economy once again. LS ELECTRIC aspires to grow bigger and faster without fading away in this new era.

Accordingly, from this year until 2030, LS ELECTRIC plans to undertake company-wide and fundamental transformations to completely change the company’s constitution in order to embrace the era of accelerated growth. This will involve three major innovation activities in management, business, and culture.

Under the CIC (Company-In-Company) system, introduced last year for the first time in the LS Group, the company plans to dramatically improve the execution power of growth strategies through macro management that values autonomy and responsibility. The global business model will be fully localized and transformed into a borderless business form based on digital and online platforms.

Through this, LS ELECTRIC aims to grow annually by more than 10% over the next 10 years, and by 2030, its business portfolio will consist of over 70% global business share and more than 50% digital new business, evolving into a genuine global company and digital enterprise.

The company explained that the three core values to achieve these goals are summarized as ‘ACE.’ ACE stands for Agility, which means agile execution to prioritize the market and customers and provide optimal customer value; Challenge, which refers to bold challenges that lead change through creative thinking and business methods aiming for the best; and Excellence, which means taking ownership of work and actively collaborating with colleagues and partners to produce outstanding results.

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