By Kim Yoo-chul
Staff Reporter
LG Group has selected its five keywords for 2010 ― openness, concentration, challenge, thoughtfulness and insight.
In an annual strategy meeting with senior executives of the group's key affiliates ― including LG Electronics and LG Chem ― group chairman Koo Bon-moo asked participants to bear the keywords in mind and maintain consistency in management.
The meeting was held at LG's training center in Gyeonggi Province last weekend and was attended by 40 chief executives of the group's affiliates.
"We are tasked with bolstering our corporate identity, which is based on innovation and independence, to gain a bigger market share amid the heated competition with our rivals in the global market," the chairman was quoted as saying in a press release.
Nam Yong, who was reappointed as vice chairman and CEO of LG Electronics for his second term, said the group’s electronics unit will be focused on the keyword "openness" in 2010.
"LG Electronics has to exhibit greater openness at a time when the industrial paradigm is drastically changing due to technology convergence and innovation," Nam said.
Time is of the essence for LG Electronics this year. The world's No. 2 flat-screen maker is urgently tasked with expanding its lead on Japan's Sony, while also reinvigorating its smartphone business.
Meanwhile, it will have to make a strong move in order to challenge its home-town rival, Samsung Electronics, in the home appliance market as Samsung has already put greater emphasis on its performance in this area.
Kim Bahn-suk, CEO of LG Chem, selected "concentration" as the keyword for his affiliate, citing fiercer competition in batteries between chemical companies.
LG Chem is supplying its lithium-ion batteries for General Motors (GM) hybrid models, and it is in negotiations to strike another big battery supplement deal with another U.S. carmaker.
LG Chem's key businesses, which range from LCD glass panels and batteries to other chemical products, are sensitive to market situations.
This means that speedy decisions, proper timing and concentration are necessary, Kim added.
Kwon Young-soo, CEO of LG Display, chose "thoughtfulness." He is planning to create a warm working environment that affords all employees greater independence.
Paik Woo-hyun, chief technology officer at LG Electronics, said "innovation" will be the buzzword for his unit.
"It is necessary for our research staff members to be reborn as global innovators," Paik said.
Paik's comments came after market leaders have responded to the release of the iPhone with a plethora of new models featuring multi-touch and an enhanced Internet experience.
Chung Il-jae, chief of LG Telecom's personal mobile business unit, said "insight" would be his top concern for the group's telecom unit, citing a need for better communication skills.
"This year, the discussions were focused on innovation and independence-related issues, which was totally different from last year. The 40 top officers have reached a consensus over the paradigm shift," a group spokesman said.