Jo Joo-wan, LG Electronics CEO: "Evolving from an Appliance Company to a Smart Life Solutions Enterprise"

Announcement of Mid-to-Long-Term Strategy at the 22nd Regular Shareholders' Meeting
Plans to Strengthen 'Platform-Based Service' Business and Others

Jo Joo-wan, CEO of LG Electronics, promised shareholders that the company will "connect and expand spaces where customers live their lives to evolve into a 'smart life solution company.'"

Jo Joo-wan, CEO of LG Electronics, is giving a greeting at the regular shareholders' meeting held on the 26th at the LG Twin Towers in Yeouido, Seoul. Photo by Kim Hyung-min

On the morning of the 26th, at the 22nd regular shareholders' meeting held at the LG Twin Towers in Yeouido, Seoul, CEO Jo presented the mid- to long-term business strategy, stating, "LG Electronics has a history of 66 years. Over these 66 years, the company has grown through continuous innovation, and we proudly embrace the name given by our customers, 'Home appliances are definitely LG.' LG Electronics will now execute plans that go beyond being just a home appliance company," he emphasized.

To this end, CEO Jo announced plans to enter and strengthen 'platform-based services' and B2B businesses. The platform-based service business forms a platform based on approximately 700 million LG Electronics products spread worldwide, providing customers with content, services, subscriptions, and generating revenue. Regarding this, CEO Jo said, "It will be a groundbreaking change created by continuously building relationships and delivering value." As an example, he mentioned webOS TV, explaining that they are planning advertising and content businesses utilizing spaces with webOS TV. Concerning the B2B business, he revealed bold challenges such as entering the electric vehicle charging and metaverse (extended virtual world) markets, stating, "We plan to grow these into trillion-won scale businesses." In particular, CEO Jo expressed confidence by saying, "Our electric vehicle parts business has grown over the past 10 years and is approaching a 12% share of sales." Through this, CEO Jo added that the company will achieve its promised "100 trillion won in sales by 2030" and "Triple7 (7% sales growth rate, 7% operating profit margin, and 7x EBITDA multiple corporate value)."

Meanwhile, the LG Electronics shareholders' meeting was held as an "open meeting." CEO Jo personally took the stage to speak into the microphone, presenting last year's management performance and business strategies. Many executives also attended the shareholders' meeting. In addition to the chairman, President Jo, and outside directors who were required to attend, four business division heads, the Chief Financial Officer (CFO), Chief Strategy Officer (CSO), and Chief Technology Officer (CTO) were present. Through this shareholders' meeting, LG Electronics also announced a new three-year shareholder return policy. Other major agenda items included approval of financial statements, approval of amendments to the articles of incorporation, appointment of directors, appointment of audit committee members, and approval of director remuneration limits.

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