Koo Kwang-moo, LG Group Chairman, challenged top executives to think up with survival strategies and accelerate digital transformation in the midst of growing business uncertainties surrounding the country’s fourth-largest business group.
Koo, along with the group’s top 30 executives, agreed during an executive workshop that the company to survive should innovate its way of doing business and its overall business model.
Included in the workshop are the CEOs and directors of LG affiliates. LG Uplus Vice Chairman Ha Hyun-hwoi, LG Chem Vice Chairman Shin Hak-cheol, LG Corp. Vice Chairman Kwon Young-soo, and LG Electronics Vice President Jo Seong-jin, among others were present during the said workshop.
“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.”
Koo called for swift action, saying, “I ask top management to take the lead in accelerating changes by formulating and executing appropriate plans.”
Challenges such as Japan’s export restrictions on Korea and the U.S.-China trade war takes a toll on LG and other significant business groups. The annual workshop gave an opportunity for the executives to come up with strategies to overcome and advance its survival.
The chairman and the top executives agreed to advance their group’s digital transformation to better understand constantly changing technologies and customer needs in the digital era.
LG noted that it would also utilize smart factory systems and strengthen its digital marketing activities. LG added it would enhance its capabilities in artificial intelligence (AI) and data. The top executives reported on the continuing digital enhancement and transformation state for every affiliate changing its way of doing business.
Research and Development strategies by LG Chem’ bioscience division employs AI technology to raise productivity and efficiency in discovering new drug candidates. The division examines genetic information and medical science for R&D.
LG Uplus Vice Chairman noted about big data-based marketing activities recommend products and content enhanced for the lifestyle of every consumer.
Koo said, “Digital transformation will be a necessary imperative to take our competitive power to the next level.” He was appointed in June 2018 as the new chairman of the family-controlled business group following the death of his father, Koo Bon-moo.