LG Uplus 'Hwang Hyun-sik Era' Begins... Original Proposal Approved at Regular General Meeting

25th Regular General Meeting Held
"We Will Create a Structure for Qualitative Growth"
Also Pursuing New Business Growth Engines

[Asia Economy Reporter Cha Min-young] "We will focus on establishing a business structure capable of qualitative growth and creating new growth resources."

With Hwang Hyun-sik officially appointed as CEO of LG Uplus, the full-fledged "Hwang Hyun-sik era" has begun. Appointed as CEO at the end of last year, he is accelerating customer-centric management this year centered on the core pillars of "qualitative growth" and "new business."

On the 19th, LG Uplus held the "25th Regular General Meeting of Shareholders" at its Yongsan headquarters in Seoul and newly appointed Hwang Hyun-sik as an inside director. Hwang Hyun-sik is scheduled to be appointed as CEO following the board meeting that morning.

In the 25th business report, Hwang Hyun-sik stated, "This year, we plan to focus on establishing a business structure capable of qualitative growth and creating new growth resources," emphasizing, "The content and solution businesses will concentrate on improving customer value to enhance profitability, and the additional resources will contribute to securing future growth engines and shareholder returns."

Additionally, CEO Hwang is focusing on discovering and expanding new businesses. He said, "To secure new growth engines, in the business-to-consumer (B2C) sector, we will explore possibilities in advertising, data, and subscription services, and in the business-to-business (B2B) sector, we will secure optimal solutions in smart factories, smart mobility, and New Deal projects to enhance competitiveness." He plans to conduct agile, customer-centered business development through cooperation with group affiliates.

He also reiterated his determination to secure "true fans" as a goal for this year. Hwang said, "All employees will lead by practicing customer-centricity to the core, striving to secure true fan customers who are enthusiastic about our products and services and actively promote them to others," adding, "In 2021, we will also strive to achieve meaningful results in future growth businesses and management goals to enhance LG Uplus's corporate value and grow together with shareholders."

Through the general meeting, three outside directors with expertise were newly appointed. Professor Yoon Sung-soo of Korea University and Je Hyun-joo, CEO of Yellowdog, were appointed through the resolution of agenda item 3, "Appointment of Directors," and Professor Kim Jong-woo of Hanyang University was appointed through the resolution of agenda item 4, "Appointment of Outside Directors as Audit Committee Members."

Professor Yoon Sung-soo, appointed as an outside director, is an expert in accounting and finance, and it is expected that his specialized knowledge and experience in this field will contribute to enhancing LG Uplus's financial soundness. Je Hyun-joo, CEO of Yellowdog, is expected to play an advisory role in technology and industry through her expertise in environmental, social, and governance (ESG) issues and experience investing in startups that solve social problems. The appointment of a female director is also expected to enhance the diversity of the board.

Professor Kim Jong-woo of Hanyang University was appointed as an outside director who becomes a member of the audit committee through the separated election method under the revised Commercial Act at the end of last year. Professor Kim is an expert in management and big data, and it is expected that his abundant expertise and practical experience will help set directions in new business areas. In addition, outside directors Yoon Sung-soo and Je Hyun-joo were also appointed as members of the audit committee.

Meanwhile, this year's general meeting introduced electronic voting for the first time to enhance shareholder rights. Shareholders participating both online and offline also voted on the approval of financial statements, partial amendments to the articles of incorporation, approval of director remuneration limits, and other matters besides the appointment of directors. The separate standard dividend payout ratio was 43.4%, up from 39.2% the previous year, and the dividend per share was confirmed at 450 won, an increase of 50 won compared to the previous year.

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