Jung Ho-young, LGD President: "Let's Achieve Innovation and Rejump Based on Customer Value"

Jung Ho-young, President of LG Display

[Asia Economy Reporter Jeong Hyeon-jin] On the 3rd, Jung Ho-young, CEO of LG Display, emphasized, "Let's achieve innovation in life and LG Display's leap forward based on customer value."

In his 2022 New Year's address delivered to domestic and international employees that morning, CEO Jung said, "Last year was a year in which we regained confidence that 'we can do it.' We have been striving for management normalization and fundamental competitiveness enhancement, and now it is time to fully demonstrate the potential and capabilities inherent within us."

CEO Jung stated, "This year's business environment will be characterized by the coexistence of opportunities and threats," adding, "Innovation toward converged products and expansion into new industrial fields are expected to open a new future for the display industry, while intensified market competition and global supply chain issues remain challenges." Regarding the reorganization of the existing three business divisions into two major pillars of large and small-to-medium-sized displays, he said, "I hope that a more effective operating system will be established to respond flexibly and swiftly to changes in the business environment, strengthen core competencies, and seize future business opportunities."

The five key tasks to be practiced this year, as proposed by CEO Jung, were institutionalizing customer value innovation, creating new markets, strengthening fundamental competitiveness and core capabilities, and establishing a creative and smart culture unique to LG Display. He emphasized, "The unchanging core principle amid a rapidly changing business environment is that the starting point and culmination of all management activities lie with the customer," and added, "In all areas of management activities, customers must be the standard for all tasks and decision-making." He further urged, "We must clearly identify and improve customers' difficulties and needs, and furthermore, evolve to a stage where we anticipate customers' minds and provide new customer experiences through proactive proposals."

CEO Jung also stated, "We are expanding the proportion of order-based business, moving away from the traditional supply-demand business structure, and in the future, we intend to actively promote 'market-creating' businesses that can provide unprecedented customer experiences." He said, "Based on segmented customer strategies, we will accelerate the creation of high-profit new markets and collaborate with various fields such as transportation and architecture," adding, "Starting this year, we will fully enter differentiated new business areas such as gaming and transparent displays, and let us confidently challenge through thorough market and customer analysis, meticulous preparation, and external collaboration."

CEO Jung emphasized, "We must elevate the fundamental competitiveness of overall management to the highest level," and said, "Especially in R&D, we must strengthen proactive future preparation while increasing the intensity and speed of collaboration with strategic customers. In manufacturing, we must vigorously promote manufacturing innovation centered on automation and intelligence and strengthen the stable operational foundation of the supply chain." He added, "In the trend of market segmentation in the display industry, it is a very important task to optimize operations so that diversity becomes a differentiated strength, to advance the overall business structure, and to ensure that members in each field have a clear future vision," concluding, "We will enable creative ideas and attempts, as well as smart approaches."

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