Honoring the Humble Spirit of Hwadam... LG's Quiet Koo Bon-moo 3rd Anniversary

[Asia Economy Reporter Jeong Hyunjin] "We must develop technology that can create value for customers."

On the 3rd anniversary of the passing of former LG Group Chairman Koo Bon-moo (pictured), LG Group employees paid tribute to him through a video posted on the company bulletin board on the 20th. The 4-minute 30-second memorial video titled "Honoring the Spirit of Customer Value of Hwadam" highlighted former Chairman Koo's philosophy of "customer management." LG explained that considering former Chairman Koo's preference for simplicity and avoidance of excessive protocol and complicated formalities during his lifetime, no separate event was held, and only the video was posted.

Former Chairman Koo, the 3rd chairman of LG Group, passed away on May 20, 2018, at the age of 73. As the grandson of founder Koo In-hwoi and the eldest son of Honorary Chairman Koo Ja-kyung, he led LG Group as chairman for 23 years starting in 1995. Based on his diverse practical experience before becoming chairman, he actively expanded LG into global markets by advancing into core group businesses such as electrical and electronics, chemicals, telecommunications, automotive parts, displays, energy, and bio sectors, which are new growth areas.

During his lifetime, former Chairman Koo focused on creating customer value. He expressed his management philosophy centered on customers through various statements such as, "Rather than rushing to produce and generate sales, we must truly consider how much value we can provide to customers," and "With passion and wholehearted effort, there must be no negligence in any activity from product launch to customer usage."

At the Innovation Forum in May 2012, he emphasized, "Only by always creating new and the best value from the perspective of the most demanding customers can market leadership be possible," and three years later in 2015, he said, "Instead of merely chasing the phenomena of change, we must focus on the value that customers truly want. Innovation starting from the customer can lead to customer choice."

Former Chairman Koo's customer management philosophy continues with current LG Chairman Koo Kwang-mo. Since his inauguration in 2018, Chairman Koo has emphasized "practicing customer value" as a management theme in his annual New Year's addresses. In this year's New Year's speech, he stated, "If last year we focused on customers' pain points, now we must understand customers more closely and find their inner desires," adding, "Let's make this year one of greater empathy with customers and one that excites them." As the first 4th-generation head among Korea's top 10 conglomerates, Chairman Koo became CEO of the holding company LG Corporation on June 29, 2018, 40 days after former Chairman Koo Bon-moo's passing, and officially became the head of the group through the Fair Trade Commission's designation of the same person for the large business group on May 15 last year.

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