LG chairman calls for swift action

LG Group chairman Koo Bon-moo has asked top executives of affiliates to make swift moves to survive the fast-changing business environment.

“Uncertainties of the global economy are intensifying due to the looming slowdown in the Chinese economy, and global competition is heating up day by day,” the LG Group chairman said in a meeting with high-ranking officials Tuesday, adding, “We should face up to the reality and brace for the future thoroughly.” 

He asked the heads of the LG Group affiliates to put more emphasis on conducting comprehensive overhauls in the important businesses segments, including research and development, purchasing, production and marketing, insisting that outdated business measures should be replaced with new ones.

Around 300 top executives and officials from the affiliates of Korea’s fourth-largest conglomerate took part in the monthly meeting held at the firm’s headquarters in Seoul.

Introducing a historical record, called the Jingbirok, on the Japanese invasion from 1592 to 1598, in a short lecture at the meeting, Han Myung-ki, a history professor from Myongji University, emphasized that companies have to do thorough retrospection if they want to prepare for the future.

Tech giant LG Electronics, chemicals and battery maker LG Chemical and display manufacturer LG Display are some of the units under the wing of the business group.

The flagship electronics business has recently been struggling due to the economic downturn and low market demand.

By Kim Young-won (wone0102@heraldcorp.com)