New LGU+ President Hong Declares Vision, Calling for “Making a Better Future than Today”

New President Hong Bum-shik of LGU+. (Photos: LGU+)

Hong Bum-shik of LG Corp’s business strategy division has been named as the new CEO of LGU+.

President Hong, who graduated from University of Southern California Business Administration Department, is a seasoned exert in areas such as telecommunication, media and technology.

He has held positions like head of the business strategy office at SK Telecom, as well as president of information and communications in the Asia-Pacific region at Bain & Company; president of technology at Bain & Company; global director at Bain & Company; and president of Bain & Company Korea.

President Hong, a telecommunication, media and technology expert, is also believed to be a strategist with a track record of successfully implementing diverse projects, such as business visions and strategy establishment.

He is one of the outside experts who was hired by Chairman Koo Kwang-mo of LG Group since his inauguration.

President Hong, who joined LG Group as chief of the management strategy division, had performed as a control tower for future business strategies by exploring the group’s growth engines and strengthening business competitiveness through aggressive M&As.

Hong’s heading of the management strategy division at LG Corp., a new division designed to handle new business investment, demonstrates that he earned the trust of Chairman Koo.

President Hong has been participating in major decision-making processes while serving as a non-standing managing director at LGU+ and LG HelloVision since 2022.

President Hong’s appointment as LGU+ president is expected to have synergetic effects between LGU+ and LG HelloVision.

Upon his inauguration, President Hong is expected to accelerate efforts to step up the competitiveness of the non-communication segment. LGU+ has been expanding the AI-based BEC and B2B businesses.

LGU+ plans to accelerate efforts to grow into an “AX company” based on President Hong’s experience in the telecommunications and technology sectors.

It remains to be seen whether President Hong, in charge of establishing of mid- and long-term business strategies, will make achievements while heading LGU+ amid the AI transition era.

Earlier, LGU+ declared its transition to become a platform company, rather than a telecom service provider, to expand sales in the non-telecom business sector in 2022. The move was dubbed “Uplus 3.0.”

In accordance with the plan to make a leap forward as a platform company with a focus on “Lifestyle, Play and Growth Care Web 3.0,” it is the subject of attention how President Hong will expand the scope of new businesses.

In a related development, in his inaugural speech released on Dec. 2, new LGU+ President Hong suggested a vision, calling for “making a better future than today.”

He said he would attach priority to creating values from the clients’ perspective.

“Attentively listening to customers’ voices and exploring their hidden needs are paths where we have to walk, and we will create new values through customers-oriented innovation,” he said.

An image of promoting the new company slogan “growth leading AX company.”

LGU+, Reorganized for Transit into ‘AX Company’

LGU+ is conducting reorganization designed to commercialize artificial experiences (AX) and continue growth through digitalization of telecom, effective Dec. 1.

The company has a strategy to be “growth leading AX company” based on choice and concentration.

The “AI Agent Action Group,” leading AI-based products and services, has been inaugurated to ramp up the competitiveness of AI, a core part of an AX company.

The “Mobile Agent Tribe” and “Home Agent Tribe” have been created under the AI Agent Action Group, placed under the umbrella of the Consumer Division in charge of B2C businesses.

The two tribes are charged with developing AI services and products consumers can sense.

Each tribe is formed with “agile-style teams” like the way startups do, a move designed to speed up the development of AI-based new services.

Technology and manpower support will be offered to step up competitiveness by changing a focus to AX from B2B business like AICC and AIDC.

The “Agent/Platform Development Lab” will be placed under the direct control of the CTO to speed up the development of new services related to AI, while an official in charge of AX/manpower Development will be placed under the direct control of the CHO to spur efforts to secure and upgrade AX capabilities.