LG Innotek Holds Annual General Meeting... Appoints IT and Finance Experts as Outside Directors

Jung Cheol-dong President "Focus on FC-BGA and Vehicle Cameras"

LG Innotek appointed IT and financial experts as outside directors through its regular general meeting of shareholders. At this meeting, Jung Cheol-dong, CEO of LG Innotek, expressed his commitment to focusing on the automotive components business, including new growth areas such as flip chip ball grid array (FC-BGA) and vehicle cameras.

LG Innotek held its 47th regular general meeting of shareholders on the 23rd at the main auditorium of its headquarters in Magok LG Science Park. Five agenda items, including the approval of the 47th financial statements and the appointment of directors, were approved as originally proposed.

Through this, LG Innotek newly appointed Professor Noh Sang-do of Sungkyunkwan University's Department of Systems Management Engineering and Professor Park Rae-soo of Sookmyung Women's University's Department of Business Administration as outside directors. Professor Noh serves as president of the Korean CDE (Computational Design and Engineering) Society and vice president of the Korean Institute of Industrial Engineers. He is an expert in smart factory and digital twin fields. Professor Park has served as president of the Korean Finance Association, among other roles, based on her expertise in financial management and policy finance.

Jung, who chaired the shareholders' meeting, said, "Last year was a challenging business environment due to the US-China trade conflict, the Ukraine war, and the prolonged pandemic," adding, "Nevertheless, thanks to the efforts of many people including our partners, we achieved record-high performance."

He continued, "This year will also be challenging, but we will turn it into a new growth opportunity to maximize corporate value," adding, "To this end, we will enhance business value, customer value, and social value."

Jung Cheol-dong, President of LG Innotek / Photo by LG Innotek

LG Innotek will continue qualitative growth based on differentiated technology and quality competitiveness to increase business value. Jung said, "The optical solutions business will focus on maximizing productivity through internalization of core component businesses and acceleration of digital transformation (DX)."

Regarding the substrate materials business, the plan is to "quickly grow FC-BGA, which has succeeded in early mass production, into a global leading business." He also added the goal of "fostering automotive cameras, LiDAR, power modules, and other electric vehicle and autonomous driving component businesses as new growth engines."

Jung also announced a policy to actively return management performance to shareholders by enhancing business value. LG Innotek has continuously increased shareholder value, including paying a dividend of 4,150 KRW per share last year, which is 1,150 KRW more than the previous year, according to its three-year dividend policy.

Jung emphasized, "To gain customer trust, we will transform all businesses and ways of working to be customer-centric," and added, "All members will become 'customer value creators' and generate differentiated customer value that only LG Innotek can provide."

LG Innotek focuses on sustainable growth to enhance social value. To this end, it plans to solidly promote environmental, social, and governance (ESG) management. Last year, the company completed its "2040 Carbon Neutrality Declaration" and joined the "RE100 (100% Renewable Energy Use) Initiative." It also strengthened responsible management centered on the board of directors by separating the roles of CEO and chairman of the board.

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