LG chief convenes CEO meeting to review growth strategy

LG Group Chairman Koo Kwang-mo reportedly convened some 30 CEOs on Tuesday to discuss the group's longer-term strategies ahead of the weeklong Chuseok holiday.

Top executives of key affiliates, including LG Electronics, LG Display, LG Innotek, LG Chem and LG Energy Solution, attended the annual workshop that took place at LG Academy in Icheon, Gyeonggi Province, according to news reports.

For Koo who took office in 2019, this marked the fifth occasion to convene the meeting. The event was held online in 2020 and 2021 due to the COVID-19 pandemic, but resumed as an in-person meeting in 2022.

The primary agenda seemed to be evaluating the direction of LG’s future investments, especially in the so-called “ABC” sectors – artificial intelligence, biotech and clean tech. Koo has highlighted these areas as pivotal for the conglomerate's future growth.

Realizing LG's customer-centric approach was also known to be another main topic of discussion. Koo has been a vocal advocate for a management style that prioritizes a reciprocal relationship between the company and its customers, fostering mutual growth and synergy.

"Though the economic recovery is taking longer than anticipated, LG’s vision should not be dictated by external trends. We need to stay grounded, always prioritizing our customers' evolving desires," Koo had said during last year’s workshop.

Making last-ditch efforts to support Busan’s bid to host the 2030 World Expo was also likely to have been discussed during the meeting, with the hosting city set to be decided in November.

LG has already been promoting the port city’s expo bid by traveling around the world. In the coming weeks, the group plans to carry out promotional activities focusing on European cities, including Paris, London and Brussels.

After the workshop, LG's calendar will be marked with business report meetings for each affiliate. These reviews, slated for October, aim to assess this year's performance and set objectives for the subsequent year.