LG ex­ec­u­tives dis­cuss grow­ing busi­ness un­cer­tain­ties

The Korea Times - - FRONT PAGE - By Jun Ji-hye [email protected]­re­atimes.co.kr

LG Group Chair­man Koo Kwangmo called on top ex­ec­u­tives Tues­day to come up with sur­vival strate­gies and ac­cel­er­ate a dig­i­tal trans­for­ma­tion amid grow­ing busi­ness un­cer­tain­ties sur­round­ing the coun­try’s fourth largest busi­ness group.

Dur­ing an ex­ec­u­tive work­shop, Koo and the group’s top 30 ex­ec­u­tives agreed that the com­pany needs to in­no­vate its busi­ness mod­els and way of do­ing busi­ness to cre­ate dis­tin­guished prod­ucts and ser­vices to sur­vive.

Par­tic­i­pants in the work­shop in­cluded LG Corp. Vice Chair­man Kwon Young-soo, LG Uplus Vice Chair­man Ha Hyun-hwoi, LG Elec­tron­ics Vice Pres­i­dent Jo Seongjin and LG Chem Vice Chair­man Shin Hak-cheol, as well as other CEOs and di­rec­tors of LG af­fil­i­ates, ac­cord­ing to the group.

“The next few years will be cru­cial for our sur­vival as we are fac­ing com­pletely dif­fer­ent crises,” Koo said. “We need to promptly se­cure fun­da­men­tal com­pet­i­tive­ness and change our way of do­ing busi­ness to over­come the chal­lenges.”

The an­nual work­shop took place at a time when LG and other large busi­ness groups here are fac­ing nu­mer­ous chal­lenges such as the U.S.-China trade war and Ja­pan’s ex­port re­stric­tions on Korea.

In­ter­nally, stag­nant do­mes­tic con­sump­tion and the Moon Jae-in gov­ern­ment’s la­bor-friendly poli­cies are mak­ing things worse for chae­bol.

Koo called for prompt ac­tion, say­ing, “I ask top man­age­ment to take the lead in ac­cel­er­at­ing changes by for­mu­lat­ing and ex­e­cut­ing ap­pro­pri­ate plans.”

The chair­man and the top ex­ec­u­tives shared the need to bet­ter un­der­stand rapidly chang­ing tech­nolo­gies and cus­tomer needs in the dig­i­tal era, agree­ing to ac­cel­er­ate the group’s dig­i­tal trans­for­ma­tion.

LG will en­hance its ca­pa­bil­i­ties in ar­ti­fi­cial in­tel­li­gence (AI) and big data, the group an­nounced later, not­ing that it will also ap­ply smart fac­tory sys­tems and strengthen dig­i­tal mar­ket­ing ac­tiv­i­ties to change its way of do­ing busi­ness.

For their parts, the top ex­ec­u­tives re­ported on the on­go­ing dig­i­tal trans­for­ma­tion sit­u­a­tion at each af­fil­i­ate.

LG Chem’s Shin cited R&D strate­gies at his firm’s bio­science di­vi­sion that uti­lizes AI in an­a­lyz­ing ge­netic in­for­ma­tion and med­i­cal science the­ses in or­der to raise ef­fi­ciency in dis­cov­er­ing new drug can­di­dates.

Cour­tesy of LG Group

LG Group Chair­man Koo Kwang-mo, right, walks and talks with top ex­ec­u­tives at an ex­ec­u­tive work­shop held at the LG Lead­er­ship Academy in Icheon, Gyeonggi Prov­ince, Tues­day. At left is LG Corp. Vice Chair­man Kwon Young-soo.

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