LG Display CEO stresses customer value, profitability

A model poses with LG Display’s in-vehicle displays, which will be introduced at the Consumer Electronics Show next week. Courtesy of LG Display

Jeong Cheol-dong, CEO of LG Display, emphasized the importance of focusing on creating customer value and securing profitability in 2024 as strategies to overcome challenging business environments. This message was conveyed to the company's employees on Tuesday.

Jeong Cheol-dong, CEO of LG Display

LG Display suffered operating losses from the second quarter of 2022 to the third quarter of 2023. To reverse the losses, the board appointed Jeong, who served as the head of LG Innotek, as the new CEO last November. He officially began his role on Dec. 1.

"Since I took office, the past month has been a period of profound reflection on what steps the company should take to overcome the current situation. I have thoroughly examined the issues and tasks pertinent to each business and department, making visits to development and production sites both domestically and abroad," he said in his New Year message.

The CEO said he believes that the essence of business lies in creating customer value and securing profitability. To that end, he said, "It is imperative that we address customers' pain points and strive to provide satisfaction. Developing core competencies in quality, cost, development and production will be essential for our success."

Regarding the company's turnaround plan, the CEO said, "To attain financial strength, we must focus on cost-saving initiatives and successfully achieve our business goals."

He added, "In all of our businesses, we will need to increase our competitiveness through intense cost innovations in yield, productivity and material costs based on a thorough analysis of the competitive environment," he said.

His business-specific goals for this year prioritized the timely development and mass production of displays for new smartphones and OLED displays for tablet PCs scheduled for this year.

In addition, he emphasized the need to focus on expanding the customer base, opening new markets and boosting factory operation rates in large businesses.

He also emphasized creating a horizontal organizational culture.

"Let's expedite the transition to a healthy organizational culture by promoting the speak-up culture. To foster an energized and teamwork-oriented environment, let's encourage a speak-up culture where all employees feel empowered to openly express their opinions and actively participate in discussions, contributing to better decision-making," he said.

The CEO's New Year's message was delivered in English, Chinese, Japanese and Vietnamese, as well as Korean, for its global employees, the company said.