What Is LG Group's Year-End Personnel Direction?... Relay Business Reports Start Today

LG Group Chairman Koo Kwang-mo will preside over the affiliate business report meetings starting from the 21st. The second half business report meeting, which reviews the business results of the year and discusses strategies for the next year, is considered the most important meeting held annually. In particular, the meeting is directly chaired by Chairman Koo and attended by CEOs and heads of business divisions of each affiliate, making it highly significant as it is closely linked to year-end personnel appointments.

According to the business community, Chairman Koo will begin with the electronics affiliates and sequentially receive business reports from major affiliates over about a month. CEOs and heads of business divisions from key affiliates such as Electronics, Chemicals, Life Health, Display, and Uplus will all participate in this meeting.

On the 25th of last month, Koo Kwang-mo, CEO of LG Corporation (center), Shin Hak-cheol, CEO and Vice Chairman of LG Chem (left), and Kwon Bong-seok, COO and Vice Chairman of LG Corporation, attended the executive workshop held at LG Inhwa-won in Icheon, Gyeonggi Province.
[Photo by LG]

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LG Group holds a strategy report meeting in the first half of each year to discuss future strategies, and in the second half, it holds a business report meeting focusing on management performance and next year's business plans, including strategies to enhance customer value and strengthen business competitiveness.

At this business report meeting, it is known that the focus will be on reviewing this year's business performance amid prolonged global economic recession and geopolitical risks, as well as affiliate-specific response strategies. Earlier last month, at the group president workshop chaired by Chairman Koo, there was a consensus to focus on responding to demand slowdown.

Discussions are also expected on investment and talent acquisition plans, the status of new businesses, and the timing and methods for launching premium products or core businesses. Along with the customer value internalization strategy that Chairman Koo has emphasized, business plans in the AI, Bio, and Clean Tech (ABC) sectors, identified as future growth engines, are also expected to be exchanged.

The business report meeting serves as a 'prelude' ahead of the year-end executive personnel appointments. LG is expected to carry out organizational restructuring and executive appointments around the end of November.

Since Chairman Koo Kwang-mo’s inauguration in 2018, LG Group has steadily implemented generational changes based on performance. Last year, Kwon Young-soo, who was known as the second-in-command of the group and a '44-year LG man,' retired from his position as Vice Chairman of LG Energy Solution, resulting in the vice-chairman group changing from a six-member system at the time of Chairman Koo’s inauguration to a two-member system with Kwon Bong-seok, Vice Chairman of LG Corp., and Shin Hak-cheol, Vice Chairman of LG Chem.

This year, with increasing uncertainty over the performance outlook of key affiliates such as LG Electronics and LG Display, the tone of the year-end personnel appointments is likely to emphasize 'innovation' rather than 'stability.' In particular, attention is focused on whether there will be any promotions to vice chairman this year. In the business community, LG Electronics CEO Cho Joo-wan and LG Display CEO Jung Cheol-dong have been consistently mentioned as candidates for vice chairman promotion.

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