LG Group Chairman Koo Bon-moo.

Despite internal and external opposition, then-Vice Chairman Koo Bon-moo demonstrated his foresight when he changed the group’s corporate identity from Lucky-Goldstar Group to LG in January 1995, which was more suitable for the image of a word-class company.

Twenty years have passed since he took office as chairman of LG Group on Feb. 22. LG, which was separated from GS, LS, and LIG groups, has moved from strength to strength to grow into a world-class conglomerate that specializes in electronics, chemical and telecommunications business arenas. LG saw its sales soar to 150 trillion won in 2014, a five-fold jump from some 30 trillion won in 1994 despite the group’s separation. The group has also seen its overseas sales jump to 100 trillion won, a 10-fold surge during the same period.

Chairman Koo’s efforts to nurture the liquid crystal display segment have yielded results. LG is now the global No. 1 display maker, on the back of a rise in global electronics and it becoming a chemical leader.

Meanwhile, LG Group Chairman Koo has urged his executives and staff members to accelerate efforts to gain the upper hand in markets.

Chairman Koo made the remarks at a New Year’s gathering of 400 group executives on Jan. 2. 

Looking back at last year, Chairman Koo said, “We’ve released products attracting global attention based on technological power accumulated in mainstay businesses while suggesting the future direction of improving the quality of customers’ lives in eco-friendly automotive parts and energy fields.”

Looking ahead in 2015, he said, “This year’s business conditions are still bleak, unstable foreign exchange and crude oil movements pose challenges to us, who depend quite on exports, and late-comer companies’ chase and movements of China and Japan could cause severe troubles ahead.”

But the chairman made a point that if LG leads markets in its own differential way and seizes up new business opportunities by making thorough preparations, the hard times ahead would be overcome.   

In particular, he said, “Elaborate strategies, management plans, and good manpower are essential to jump-start in markets. But unless these are translated into action albeit well prepared, any performances cannot be made, and we have to find tactics with a firm determination to spearhead markets and join forces in translating them into action.”

Koo expounded the top three management tenets: creating as performances market leader products of premier customer values; settling down a corporate environment in which employees proactively look forward customers and markets; and devoting itself to playing its role as a member society with a sense of responsibility. 

‘LG Electronics Aims at Realizing Profit-Based Growth, and Establishing Foundation for Sustainable Growth’

“Let’s realize profit-based growth and establish as foundation for a sustainable growth by seizing future business opportunities despite bleak management conditions,” said LG Electronics Vice Chairman Koo Bon-joon on Jan. 2 in his New Year’s message.

Vice Chairman Koo said, “Efforts to reinvent a foundation for growth without fail have begun to pay off with the overall operations showing signs of improvement.”