CJ Group Chairman Lee Jay-hyun delivered a video message on Nov. 3 in which he revealed CJ Group’s new vision.
“We’re trapped in a tunnel of saturation, failing to brace for the world’s fast changes in the recent three and four years, hesitating to make bold decisions to explore new growth engines, not settling a corporate culture of nurturing manpower and challenging anew and not insufficient to prepare for the future,” Chairman Lee said.
Lee unveiled his group’s new vision about 11 years after he declared a plan to make a 2nd take-off in 2010. Lee started his speech with harsh soul-searching.
Chairman Lee, wearing a bright brown suit and no tie, announced the vision in about seven minutes.
Chairman Lee, labeling the current situation as growth stagnation, designated “C.P.W.S”: Culture, Platform, Wellness and Sustainability as CJ’s four growth engines.
He decided to invest 10 trillion won in the four sectors by 2023. He promised to overhaul personnel management to nurture core manpower and offer extraordinary rewards.
The background behind Chairman Lee’s direct explanation of the vision may be construed as his group’s reflection on a failure to explore future businesses in a distinct fashion for the past three to four years.
True to the keywords C.P.W.S, he said, CJ will channel 4.3 trillion won by 2023 to realize AI-oriented digital transformation.
In the cultural sector, CJ will nurture global strategic items, such as mandu (dumplings), chickens and K-sources with a focus on CJ Cheiljedang’s Korean cuisine brand “Bibigo.”
Following the establishment of the Studio Dragon, multi studios will be set up to create specialized genre content, such as dramas and entertainment programs, which will be utilized to make an inroad into the global content market.
A screen view of CJ ENM’s OTT platform “TVing.”
In the platform sector, CJ has a strategy to utilize the OTT platform “TVING” as a foundation to explore K-content programs. The step is designed to offer it original content to target global users through the platform TVING like Netflix’s homegrown “Shrimp Game.”
CJ also has a strategy to nurture super platforms offering more diverse products and services than on- and off-line platforms, such as OLIVE YOUNG and CJ ONSTYLE (home shopping).
In the health sector, CJ Cheiljedang will venture into a treatment drug-oriented bio business in earnest while aggressively nurturing new businesses based on innovative technologies, such as eco-friendly, new material and future grain sectors.
A representative case in focus is CJ’s PHA, a 100 percent bio-based polyester produced by microorganism fermentation. CJ is to dedicate a PHA plant in Indonesia this year and mass produce it this year.
Chairman Lee said, “What all things can be realized is core manpower, and excellent achievements will be repaid with top rewards.” Lee expressed his determination to make CJ a worksite of growth, in which the top manpower wants to come and work.
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