December 22, 2024

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LG Group Chairman Koo Kwang-mo (center) attends a strategy meeting with some 40 top executives across LG companies in Icheon, Gyeonggi Province, on Wednesday. (LG Group)

LG Group Chairman Koo Kwang-mo will reportedly receive business reports from major affiliates sequentially over the next month, starting with the electronic affiliates on Monday to establish next year’s business plans, according to industry sources, Monday.

LG holds strategic meetings in the first half of each year to discuss future strategies. Business meetings in the second half focus on business performance and plans for the following year, with an emphasis on enhancing customer value and strengthening business competitiveness.

Sources said this year’s business reports will focus on reviewing the business performance of the year amid prolonged global economic stagnation and geopolitical risks, as well as each affiliate’s response strategies.

Furthermore, future business competitiveness strategies in artificial intelligence, biotechnology and clean technology, which the LG chief has emphasized, along with greater focus on customer value, will be explored in various ways.

Last month, Koo gathered about 40 top executives, including key affiliate CEOs and business division heads, for a CEO workshop where he discussed in-depth measures to secure competitiveness through accelerated execution of differentiated customer value.

“The current LG is the result of setting and pursuing goals for being the world’s best and first,” Koo said during the event. “We should set bold goals beyond the traditional approaches to create a future that will be recorded in LG’s history.”

In May, LG also held a two-week strategic meeting to review the mid-to-long-term strategy of AI and vehicle component businesses of key affiliates, such as LG Electronics and LG Innotek.

Based on the upcoming business report meetings, LG is also expected to carry out an organizational restructuring and executive reshuffle by the end of next month.

There is growing interest in whether a new vice chairman will emerge in this year’s reshuffle, with LG Electronics CEO Cho Joo-wan and LG Display CEO Jeong Cheol-dong being consistently mentioned as potential candidates for promotion.

Currently, there are two vice chairmen at the group: LG Corp. Vice Chairman Kwon Bong-seok and LG Chem Vice Chairman and CEO Shin Hak-cheol.

By Jie Ye-eun (yeeun@heraldcorp.com)