Shin Hak-cheol: "This Year is the Year of Customers... Let's Prepare for Uncertainty and Foster Future Growth Engines"

LG Chem CEO 2022 New Year's Message
"Raising Carbon Reduction Targets... Quality First"

Shin Hak-cheol, Vice Chairman of LG Chem

[Asia Economy Reporter Choi Dae-yeol] Shin Hak-cheol, Vice Chairman of LG Chem, declared this year as the ‘Year of the Customer’ on the 3rd, stating, "The compass and essence of our business is the customer." While last year was dedicated to ‘Year of Growth,’ focusing on restructuring existing businesses and preparing future growth engines, this year he emphasized not losing sight of the essence amid changes and putting more effort into enhancing customer value.

In his New Year's address, Vice Chairman Shin presented five tasks, saying, "Each member must firmly transform with a customer value-centered mindset this year." First, he urged to steadily execute Project A+, which is underway as part of improving organizational health in preparation for uncertainties in the management environment, while prioritizing investments related to future growth engines and environmental safety.

Regarding new businesses, he encouraged accelerating performance by focusing on specific business sectors such as sustainability, battery materials, and new drugs. He said, "To secure proactive global ESG leadership, we are reviewing raising carbon reduction targets to ‘carbon-neutral growth by 2030 and net zero by 2050.’" He added, "Such high-level goals in the chemical industry cannot be achieved by conventional methods; we must prepare and manage various measures at the level of a mindset shift."

He also emphasized, "As a B2B company, the fundamental value we must provide to customers is quality," and urged, "Let us devote all our efforts to securing quality competitiveness that customers experience and genuinely recognize, not just by our standards." While raising the priority of quality to the level of environmental safety, he called for strengthening basic capabilities centered on local personnel in the four major regions to become a global company.

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