LG Electronics’ (LG) CEO William Cho outlined the company’s areas of focus for the future, building on the “successful changes” and “winning growth” of the past year, at his year-end address. The livestreamed discussion gave Cho the opportunity to connect with LG employees and communicate four strategic areas the company will focus on in 2023 to reshape into a future-oriented business structure.
To begin, Cho highlighted the importance of advancing LG’s business portfolio. “To increase corporate value, we need to accelerate qualitative growth and secure growth engines in areas with high potential,” Cho noted. “We will focus on maximizing the capabilities of existing businesses to strengthen the competitiveness of our core business while also rapidly fostering strategic businesses for the future.”
The CEO then continued by emphasizing the need to establish a customer-centered business operating system. “We need to produce tangible results through innovation that combines the customer experience and digital transformation,” Cho continued. “To strengthen our customer-centered mindset and improve the way we work, we aim to achieve innovative customer experiences that exceed expectations by setting clear mid- to long-term goals and roadmaps.”
Next, Cho cited the strengthening of the company’s future preparation capabilities. “We need to secure future technologies and strengthen software competitiveness through R&D, increase brand value as well as improve brand reputation, especially among the younger generation,” said Cho. “We also need to foster online businesses and intensify digital marketing to expand into the e-commerce business.”
He also noted uncertainties surrounding the business environment. To fundamentally reshape LG’s competitive edge and improve operational efficiency with the ability to preemptively respond to changes in business environment, the company recently organized a special taskforce. “We expect these measures will allow us to build a healthier corporate structure, enabling the company to constantly produce positive results and create new customer value by securing long-term competitiveness in terms of business advancement,” said Cho.
Cho asked everyone tuning in to consider what – and who – defines LG Electronics as a company. “Each and every one of us at LG is a ‘Value Creator’ for our customers. My hope is that everyone truly appreciates our customers and contemplates how we can provide them with more and better values by meeting, listening to and becoming them,” he continued. “It is because we know that the answer always lies with our customers that we keep looking deeper into their lives and gathering insights to deliver first, unique and new customer experiences.”
Cho ended his talk by reminding everyone at LG that the future will be determined by the way we think and act now, which is, ultimately, to prepare for the future. “We need to courageously go through the trials and difficulties that we inevitably encounter in our individual challenges with an optimistic attitude and positive mindset that we can definitely succeed, as we have done so far,” Cho concluded.