LG Electronics’ (LG) new CEO William Cho announced the company’s priorities for 2022, communicating the importance of being even more strategic in the new year to increase customer value and strengthen existing businesses while preparing for all future possibilities.
In his end-of-year employee address, CEO Cho also voiced his appreciation to all staff for a successful 2021 that saw much change and growth amidst the challenges of an evolving global market.
“We will do what needs to be done to make management more agile and have the courage to implement new ways to meet the demands of a fast-changing business environment,” Cho announced. “LG has and will always produce high-quality products. Going forward, we will place a greater emphasis on the overall customer experience with our concept of F.U.N. for first, unique
Customer experience innovations will include additional contact opportunities with even more customers to more accurately predict and respond to new lifestyle and market trends, Cho said.
“We will accomplish this by building on what we have created, strengthening our planning for the future,” continued Mr. Cho. “Our focus will be on maximizing the growth potential of our existing businesses and seeing every transaction from the perspective of the customer experience.”
Mr. Cho also addressed the ongoing digital transformation in LG’s evolution, reporting that the initiative that started two years ago was now a part of every aspect of LG’s business from planning to operations, increasing efficiency and improving competitiveness.
CEO Cho ended his address by touching upon the fundamental changes to the way LG works as a company.
“It is essential to our success that we adopt a more organic way of operating to reduce and eliminate barriers and divisions between departments and business units to allow employees to communicate and coordinate more freely,” Cho concluded. “Likewise, we must elevate our collaboration with other organizations and explore where we can further develop core internal capabilities.”