Shin Hak-cheol, Vice Chairman of LG Chem, announced on the 24th that they would enhance their portfolio through the qualitative growth of the three major new growth engines.
Vice Chairman Shin made this statement during his introductory speech at the 24th regular general meeting of shareholders held at the LG Twin Towers in Yeouido, Seoul.
He stated, “Within the three major new growth engines, we will prioritize and enhance competitiveness through selection and focus.” He emphasized, “For battery materials, we will prioritize delivering differentiated value to customers based on our products and technologies and build up our core competencies to strengthen our competitive edge.”
He continued, saying, “We will accelerate the shift to performance-focused R&D to enhance future competitiveness even in difficult situations,” and added, “We will reorganize existing R&D projects and put efforts into discovering new tasks from the perspective of the market and customers.”
Furthermore, Shin explained, “To conduct efficient R&D, we will optimize internal resources and accelerate external collaborations as well as activities in artificial intelligence (AI) and digital transformation (DX).” He clarified, “We will ensure that the excellent R&D results translate into tangible business outcomes by clearly defining and systematizing the missions of sub-organizations.”
He further stated, “We will strengthen the fundamental capabilities of our business to secure structural competitiveness and improve cash flow,” adding, “We will analyze all costs meticulously from a zero base to improve internal efficiency and secure financial soundness continuously by adjusting priorities for efficient investments and optimum resource allocation.”
He also expressed, “We will strive to generate differentiated operating profit margins compared to competitors, based on cost and product competitiveness grounded in customer experience.”
Vice Chairman Shin concluded, “The management team, including myself, will continue to take responsibility and do our utmost to advance further in the global market through constant change and innovation.” He added, “Following last year, we will consider this year as ‘The Year of Execution,’ proactively advancing portfolio enhancement and focusing on strengthening execution to secure differentiated competitiveness, and turning crises into opportunities for sustainable growth.”