LG Chairman Koo Kwang-mo Resumes 'Emergency Management' First Half Strategy Meeting After 3 Years

LG Group Chairman Koo Kwang-mo Initiates Emergency Management
Mid-Year Strategy Review Meeting to Be Held at Month-End... Resuming After 3 Years

Koo Kwang-mo, Chairman of LG Group

[Asia Economy Reporter Park Sun-mi] Koo Kwang-mo, Chairman of LG Group, convened the mid-year strategy meeting for the first time in three years.

On the 10th, LG Group announced that it will hold the mid-year strategy meeting at the end of this month, chaired by Chairman Koo, to review the mid- to long-term strategic directions of some affiliates and business divisions and to take a deeper look at the group's future preparations.

This decision is based on the judgment that, in response to changes in the management environment, it is necessary to reorganize strategies and assess future capabilities for major affiliates or businesses at least once every three years. Especially this year, with the escalation of global economic uncertainties and the '4 highs' crisis of interest rates, exchange rates, prices, and wages, major domestic companies have entered an 'emergency management' system. They are facing the worst trials due to the prolonged Russian invasion of Ukraine, supply chain collapse and soaring raw material prices caused by the Shanghai lockdown in China, US interest rate hikes, and the '4 highs' crisis.

Until 2019, LG held business report meetings twice a year, in the first and second halves, for all affiliates, but during the past two years affected by the spread of COVID-19, it held only one business report meeting in the second half.

This year's strategy meeting, focusing on 5 to 7 selected affiliates and business divisions, will discuss analysis of customer and market changes, mid- to long-term strategic directions such as future business portfolio strategies, and ways to enhance execution capabilities.

Meanwhile, the second half business report meeting, which has been held every year in October to November, is also planned to be conducted as usual. The business report meeting will focus on the year's business performance and next year's business plans, discussing strategies to enhance customer value and strengthen business competitiveness.

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