LS Group Chairman Koo Ja-yeol delivered his New Year’s message on Jan. 2 and stressed optimizing his group’s business portfolios to secure infrastructure for sustainable growth.
“During Last year, overall, LS Group saw profitability decline and the competitiveness of its mainstay businesses stagnate, and overseas businesses’ capability stall,” Chairman Koo said in the message. “We’ll set this year as a year of overhauling a management environment for making a renaissance and overcome a serious crisis,” he added.
Koo specified his group’s management tenets: optimizing business portfolios, innovating organizational capability and settling down a corporate culture suiting the demands of the times.
“We have to take a look into business portfolios in a futuristic perspective and a precise manner to overcome stagnation and ensure a sustainable growth as shown as a few major companies’ M&As and change into a structure of leading markets,” he said. “LS will have to restructure subsidiaries including marginalized businesses, stagnant businesses and overseas incorporated companies and eliminate duplicating businesses and non-essential businesses.”
All management resources should be managed on the cash base to secure room for investing into mainstay businesses and new projects, and financial structure have to be optimized for timely preparing for the future, Koo said. IT infrastructure and work process innovation should be carried out within a short period of time, and office work should be changed into flexible and elastic ones, he added.
Lastly, he called for the company to become trustworthy by translating into action management tenets focusing on co-prosperity, law-abiding, ethics and environmentally-friendliness and safety in accordance with the “LS Partnership.”
LS Chairman’s Social Volunteering Activities
LS Group Chairman Koo joined his group’s freshmen employees in delivering “coal briquettes of love” to facilities for the physically handicapped in Anseong, Gyeonggi-do. They also donated a fund of 2 billion won to a social fundraising body on Jan. 15.
Chairman Koo and 150 freshmen employees gave out 500 sets of winter clothes to residents of Haeseongwon Welfare Facility in the morning and delivered 5,000 coal briquettes to the poor and the elderly later in the day.
LS Chairman Koo also delivered a fund worth 2 billion won to the Community Chest of Korea.
In his New Year’s message, Koo stressed co-prosperity management based on the LS Partnership.
Meanwhile, LS dispatched 50 college volunteers to Hanoi and Ho Chi Minh City in Vietnam to set up LS Dream School No. 3 and No. 4, offering science classes and cultural experiences to children.
