LG Uplus Holds General Meeting of Shareholders... President Hwang Hyun-sik: "Growth Through Customer-Centered Service"

Hwang Hyun-sik, CEO of LG Uplus, is conducting the 26th regular shareholders' meeting on the morning of the 18th at the main auditorium of the Yongsan headquarters in Seoul.

[Asia Economy Reporter Lim Hye-seon] LG Uplus announced on the 18th that it held the ‘26th Regular General Meeting of Shareholders’ at its Yongsan headquarters in Seoul.

Hwang Hyun-sik, CEO of LG Uplus, said in his greeting, "Last year was a year of significant changes in customer consumption patterns due to the prolonged COVID-19 pandemic, with an increase in self-sufficiency and budget phone customers and explosive growth in demand for media content," adding, "As a result of efforts to secure LG Uplus’s own 'true fans,' the churn rate decreased and average revenue per account (ARPA) increased."

He continued, "This year, LG Uplus will grow anew by providing ‘outstanding’ services to customers based on the vision of ‘a digital innovation company leading joyful changes in customers’ daily lives’ and the challenging spirit of ‘Why Not?’."

In the telecommunications sector, he emphasized continuing business performance through qualitative growth by innovating customer experience. Hwang said, "We will improve data quality, enhance customer-centric service competitiveness such as bundled products and long-term customer care to expand high-value subscribers, and continuously achieve churn rate reduction."

He also expressed a strong will to internalize core technologies, strengthen organizational capabilities, concretize new businesses, and lead meaningful outcomes. Hwang stated, “In the business-to-consumer (B2C) area, we will expand platforms such as Idleulnara, Idol Live, and sports to build a voluntary user expansion structure and actively grow data, advertising, and content businesses that can create synergy with these platforms. In the business-to-business (B2B) area, we will enhance competitiveness through differentiation of corporate infrastructure business and agilely develop smart factory, smart mobility, and artificial intelligence (AI) customer center businesses to increase growth potential.”

At the shareholders’ meeting, resolutions were made on ▲business report and approval of financial statements ▲appointment of new outside directors and other non-executive directors ▲appointment of audit committee members ▲approval of director remuneration limits.

First, the financial statements for 2021 were approved, showing operating revenue of KRW 13.8511 trillion, operating profit of KRW 979 billion, and net profit of KRW 724.2 billion. It was also decided to pay a year-end cash dividend of KRW 350 per common share. The total dividend per share for LG Uplus in 2021, including the interim dividend of KRW 200, was KRW 550, an increase of 22.2% from KRW 450 the previous year. The dividend payout ratio on a separate basis is 35%.

Nam Hyung-doo, professor at Yonsei University Law School, was newly appointed as an outside director, and Hong Beom-sik, head of LG Corporation’s Management Strategy Division, was appointed as another non-executive director. Lee Hyuk-joo, CFO of LG Uplus, was reappointed as an inside director.

Professor Nam Hyung-doo is an expert in content and platform industries, having served as a director of the Korea Copyright Protection Agency, president of the Korean Entertainment Law Association, and member of the Content Dispute Mediation Committee. He will also serve as a member of the audit committee.

Hong Beom-sik, head of LG’s Management Strategy Division, has expertise in telecommunications and technology fields, having served as the head of Bain & Company’s Asia-Pacific telecommunications and tech division, and has contributed to LG Group’s management strategy and business portfolio advancement. He is expected to play a role in enhancing LG Uplus’s business competitiveness.

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