Roles of Vice Chairman
LG Group will go over its growth engines through the affiliates’ strategic briefing sessions presided over by Vice Chairman Koo Bon-joon, starting from the middle of June. As LG Group is expected to record its highest business showings this year, boosted by LG Electronics, LG Display and LG Chem, all eyes inside and outside the group are on the strategic briefing sessions which check its medium and long-term business plans. In particular, LG Display, which has emerged as a new cash cow, plans to present items to be produced at the P10 plant in Paju and the medium and long-term business strategy at the session.
According to LG Group on May 31, all the LG Group affiliates, including LG Electronics, LG Chem, LG Display and LG Household & Health Care, will participate in the strategic briefing sessions in consecutive order from mid-June. The group goes over affiliates’ current business projects and future plans through strategic briefing sessions in June and performance briefing sessions in November every year. The performance briefing sessions in November focus on business results, while the strategic briefing sessions in June focus on medium and long-term strategies.
Automotive parts, business-to-business (B2B), organic light-emitting diode (OLED), new renewable energy and smart home appliances are expected to be the talk of the town at the strategic briefing sessions this year. The group’s major affiliates, such as LG Electronics, LG Display, LG Innotek and LG Chem, are taking part in the automotive component business.
The greatest interest in the display sector is the OLED growth strategy. LG Display Vice Chairman Han Sang-beom plans to announce what products will be produced at the P10 plant in Paju and what display strategies will be pursued at the strategic briefing session. With an investment of 10 trillion (US$8.91 billion), LG introduced large OLED and mobile plastic OLED production lines at the P10 plant in Paju. The group is also preparing to open the OLED era in devices, including LG Electronics’ smartphones and TVs.
The fact that Vice Chairman Koo will preside the strategic briefing sessions this year is the only difference with last year’s sessions. Vice Chairman Koo Bon-joon, the younger brother of Chairman Koo Bon-moo, is in charge of improving the competitiveness and profitability of main businesses as well as new businesses, expanding the role in the group. At the previous executive seminar, Koo said, “We can either lose our base for competitive advantage or create an opportunity for new leap forward depending on how we respond to the proliferation of Fourth Industrial Innovation technologies.”