Jaecheol Ryu: "Rebuilding Competitiveness in Quality, Cost, and Delivery to Make LG Electronics Number One"

First Town Hall Meeting with All Employees
Unveiling the New Work Approach, 'Reinvent 2.0'

Jaecheol Ryu, CEO of LG Electronics, emphasized that in order to win against rapidly advancing competitors, it is essential to rebuild fundamental competitiveness in the areas of quality, cost, and delivery.

According to industry sources on May 10, CEO Ryu made these remarks at his first town hall meeting with all employees since taking office, held recently at LG Science Park in Magok, Seoul. He said, "Let us reveal problems and focus on execution that leads to victory, so that together with our members, we can build a leading LG Electronics that continues to grow."

LG Electronics CEO Jaecheol Ryu recently announced 'Reinvent 2.0' for an LG Electronics that grows together with its members at a town hall meeting held at LG Science Park in Magok, Seoul. LG Electronics

CEO Ryu, who joined the company in 1989 as a researcher at the Goldstar Home Appliance Research Institute, shared his philosophy on work, developed over the past 37 years, with the employees. He stated, "A daily 1% improvement, which may seem small, leads to a gap of about 40 times after one year, while a daily 1% decline results in a setback of about 1,480 times over the same period," and added, "Let us accumulate 1% change every day and achieve innovation."

On this day, CEO Ryu redefined LG Electronics' unique workplace and organizational culture innovation campaign, Reinvent, as 'Reinvent 2.0' and presented the direction for change. Since 2022, LG Electronics has been promoting the Reinvent campaign to encourage employees to create positive change on their own initiative.

Revealing problems means accurately identifying the issues and their root causes and fostering a culture where these can be openly addressed without hesitation. CEO Ryu explained, "Even for the same issue, depending on one's perspective, it can be seen either as an opportunity for improvement or a reason to remain complacent. Therefore, real change must begin with a clear-eyed recognition of reality."

He went on to say, "Rather than thinking about why something cannot be done, we must focus on how it can be achieved. It is necessary to shift our mindset towards new approaches that enable major innovations, rather than settling for minor fixes. To foster an atmosphere that views the act of revealing problems as an opportunity for progress, the leadership will take the initiative and make dedicated efforts."

CEO Ryu also discussed the company's first-quarter business performance as well as the business environment for the second quarter and the second half of the year. This was to encourage employees to recognize the company's current reality from the perspective of revealing problems. He once again stressed the importance of strengthening product leadership, which is at the core of the business, accelerating the transition to artificial intelligence (AX), and enhancing competitiveness throughout the entire manufacturing ecosystem in order to secure cost competitiveness.

In closing, he said, "Change is what we do best, and revealing problems and focusing on execution to accelerate progress is the start of Reinvent 2.0 for us now. Let us trust in LG Electronics' innovation DNA and resilience, which has brought us through countless crises, and bring together everyone's small changes to transform the future of LG Electronics," thereby encouraging employees.

CEO Ryu plans to continue providing opportunities for communication with employees not only through town hall meetings but also through various formats, such as on-site visits to different business locations.

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