Hong Beomsik, President of LG Uplus, Appointed as Inside Director: "This Year's Business Strategy is 'AI Transformation'"

President Hong Beomsik Appointed as Inside Director at Annual General Meeting
Kwon Bongseok COO Appointed as Non-Executive Director

On the 25th, LG Uplus held the '29th Annual General Meeting of Shareholders' at its Yongsan headquarters in Seoul and appointed President Hong Beom-sik as an inside director. At the meeting, President Hong emphasized the business strategy for this year as securing future growth engines centered on AX (AI Transformation).

President Hong stated, "This year, we plan to focus on securing future growth engines by strengthening core technological capabilities based on an AX-centered business strategy," adding, "We will improve the business structure through resource reallocation by selection and concentration in existing businesses and strengthen profitability-focused operations." He also expressed his intention to enhance corporate value and shareholder value based on LG Uplus's core value of 'customer-centricity."

President Hong said, "LG Uplus will focus on discovering and creating values that can impress customers by placing them at the center," and added, "According to the 'Corporate Value Enhancement Plan' announced last November, we will expand the shareholder return ratio to up to 60% in the mid to long term, strengthen the capital structure, and maximize shareholder return policies through flexible share buybacks and cancellations considering the annual free cash flow level."

Kwon Bong-seok, LG COO (Chief Operating Officer), was appointed as a non-executive director. President Hong is scheduled to be appointed as CEO after the board meeting held that morning. Vice Chairman Kwon has led LG Group as LG COO since 2021, after serving as head of LG Electronics HE Business Division and CEO of LG Electronics. Professor Nam Hyung-doo of Yonsei University Law School was reappointed as an outside director and audit committee member.

Meanwhile, LG Uplus confirmed an annual dividend of 650 KRW per share for 2024. The dividend payout ratio is 59.1%, and 400 KRW, excluding the interim dividend of 250 KRW already paid, will be paid next month. Additionally, the director remuneration limit was finally approved at 5 billion KRW, the same as the previous year.

Through the 29th Annual General Meeting of Shareholders, LG Uplus approved four agenda items as originally proposed: approval of the 2024 financial statements, appointment of directors, appointment of audit committee members, and approval of the director remuneration limit.

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