LG CEOs to discuss future strategy

Chief executive officers of major businesses under LG Group, the nation’s fourth-largest conglomerate by assets, will gather for a two-day meeting Wednesday to discuss business strategies this year and produce synergy between affiliates.

The meeting will be led by Koo Bon-joon, vice chairman of the group’s holding company LG Corp., with CEOs from the conglomerate’s major businesses spanning electronics to cosmetics attending, industry officials said Tuesday. 

Until 2016, the annual meeting had been hosted by LG Chairman Koo Bon-moo. His younger brother, the vice chairman, who is also considered the practical leader of the group, has led the discussion since last year.

In 20-hour marathon discussions, CEOs are expected to discuss ways to innovate the group’s research and development and strengthen its manufacturing capacity.

On R&D, CEOs are expected to exchange views on putting the group’s focus on its Science Park launched in Magok, southwest of Seoul, late last year. Most of LG’s R&D units have relocated their offices and labs to the newly launched complex to increase synergy. Ideas on strengthening social responsibility and promoting campaigns to bolster the group’s reputation nationwide will be discussed, according to the group’s insiders.

The list of CEOs includes Jo Seong-jin, vice chairman of LG Electronics, Cha Suk-yong, vice chairman of LG Household and Healthcare, Park Jin-soo, vice chairman of LG Chem, and Han Sang-beom, vice chairman of LG Display.

The meeting is set to be held at LG Academy in Ichon, Gyeonggi Province.

By Cho Chung-un (christory@heraldcorp.com)