(LG Electronics)
Lyu Jae-cheol, president and chief executive officer (CEO) of LG Electronics Inc., underscored the importance of problem-solving and a results-driven culture during his first company-wide town hall meeting since taking office.
LG Electronics said Sunday the meeting was held on Thursday at its research and development complex, LG Science Park, in Magok, western Seoul, with about 12,000 employees participating online and in person.
Lyu, who joined the company as a researcher in 1989, shared a management philosophy shaped by 37 years at LG Electronics, saying even a modest daily improvement can produce a significant long-term gap over time.
Lyu introduced Reinvent 2.0, an upgraded version of LG Electronics’ workplace culture and organizational innovation campaign launched in 2022 to encourage employee-led change.
He highlighted two key principles under the campaign: openly identifying problems and focusing on results.
“The bigger the problem, the bigger the opportunity to improve,” Lyu said. “Instead of focusing on why something cannot be done, we should focus first on how to make it work.”
Lyu added management would take the lead in building a culture that encourages employees to raise issues openly and pursue meaningful innovation rather than short-term fixes.
On results-driven culture, Lyu said employees should focus not only on effort, but also on delivering outcomes by starting with a clear view of the end goal.
Lyu also identified competitiveness in quality, cost and delivery as critical in an increasingly intense business environment.
LG Electronics posted record first-quarter consolidated revenue of 23.73 trillion won ($16.2 billion) and operating profit of 1.67 trillion won, marking its highest-ever first-quarter sales.
In the near term, the vehicle solutions (VS) business has emerged as a key growth driver, posting record first-quarter revenue of 3.06 trillion won and operating profit of 211.6 billion won. The business is expanding beyond electric vehicle components into higher-margin business-to-business areas including infotainment, telematics and automotive software, with LG Electronics expected to strengthen in-vehicle infotainment offerings for European automakers.
Heating, ventilation and air conditioning (HVAC) systems and artificial intelligence data center cooling solutions are being positioned as mid- to long-term growth businesses. The company is expanding region-specific HVAC products, including North American unitary systems and European heat pumps, while growing infrastructure-focused business-to-business operations centered on AI data center chillers and liquid cooling technologies.
Over the longer term, the company plans to expand its robotics and robot components business as a future growth engine. It aims to accelerate development and production of key robot components such as actuators, establish a mass-production system this year, apply the components to its household robot LG CLOiD and begin supplying global partners next year.
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