Chairman of LG Group emphasizes the need for innovative technology
Koo Bon-moo, Chairman of LG Group stressed the importance of new technology leading to innovative change in his New Year’s address at the 2010 LG Group’s New Year Meeting held at LG Twin Towers on the January 4. He presented innovation and change as the foremost driving engines for management of LG in 2010.
“The global financial crisis has hit and weakened the world’s economy and it does not seem like the global economy will recover anytime soon. To make things worse, both domestic and international consumer markets, both directly related to our business, are forecasted to suffer more and be the major victims of the global economic crisis. In order to cope with the uncertain future that lies ahead, the entire LG family needs to take prompt action in regards to market fluctuations and changes in consumer behavior more actively and sensitively,” said Koo. He also said that without new technology and innovation, it would be impossible to overcome the uncertain future. He mentioned that the company’s new management strategies for 2010 will include preparation for the future through innovating customer value. He urged staff and executives at LG to focus on customer value innovation through development of cutting-edge technology and to attempt to improve the quality of LG’s products services with new ways of thinking.
Koo promised that the company will prepare for a bright future by devoting itself to base technology and expanding environmentally-friendly management practices. He also promised that the company will commit to creating a working environment in which creativity and discretion are valued.
“In 2009 LG’s total revenue stood at 125 trillion won with an operating profit of 7 trillion won, proving LG’s strength and potential in this difficult time of economic turmoil,” said Koo. He assured that LG’s management philosophy is based on human-centered management. “I believe each individual’s creative thoughts and willpower will help our company move forward and overcome difficulties in times of trouble.”