Jo Ju-wan "Winning LG, continue 'Customer Management' while advancing business portfolio"

New Year's Address for Next Year... Future-Oriented Business Structure Improvement Strategy Direction
Portfolio Advancement, Establishment of Customer-Centered Business Operation System, etc.

Jo Joo-wan, CEO of LG Electronics. (Photo by LG Electronics)

[Asia Economy Reporter Moon Chaeseok]

"This year, we have made steady growth and successful change our management principles and achieved milestone-worthy results together. In the new year, let us transform into a 'future-oriented business structure' recognized for its value by the market and customers."

On the 23rd, LG Electronics announced that CEO Jo Joo-wan delivered this message to employees the day before. The communication was conducted online in the form of Jo’s unique employee communication program, 'CEO F·U·N Talk (Fun Talk).' CEO Fun Talk is a program created by Jo after his appointment to communicate with employees, and this was the fifth session.

He praised the VS (Vehicle Solutions) Business Division, which returned to profitability after 26 quarters, as a 'milestone-worthy achievement,' encouraging the strengthening of LG’s distinctive 'Customer Experience (CX) management' principle. He emphasized the importance of effectively operating the war room, a crisis management organization LG Electronics has been running since last month, to secure the company’s fundamentals even amid a prolonged recession.

Jo defined LG Electronics’ management principle as 'winning growth and successful change.' He presented four strategic directions for next year to realize this. First, securing growth engines through portfolio advancement. "Let’s change business models and methods to overcome profit limits and actively secure new businesses in areas with high corporate value potential."

He stressed that CX innovation must translate into 'results.' "Let’s clarify mid- to long-term goals and roadmaps based on customer experience to create CX innovation outcomes that exceed customer expectations," he said. Additionally, to enhance future readiness capabilities, he urged securing pipelines and expanding online business. Next year’s goals include securing future technologies, strengthening software competitiveness (R&D), increasing Gen Z preference (brand), and reinforcing e-commerce and digital marketing.

He stated that the 'war room' task, created to prepare for the economic downturn, must fulfill its role. "The purpose and goal of the war room is to build a healthy structure that continuously generates profits by securing fundamental competitiveness despite a prolonged recession." He also explained, "The war room will serve as LG Electronics’ unique management improvement tool by eliminating various inefficiencies and improving fundamental business and operational methods." Furthermore, he encouraged the effective operation of the organizational culture innovation program 'REINVENT LG Electronics,' launched last May.

LG Electronics explained that CEO Jo released the New Year’s message early to calmly prepare for the upcoming year.

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