December 18, 2024

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LG Electronics CEO Cho Joo-wan speaks at the CEO Fun Talk event at the company's headquarters in Yeouido, Seoul, Tuesday. (LG Electronics)

LG Electronics CEO Cho Joo-wan urged employees on Wednesday to embrace a mindset of "preparing for the worst and hoping for the best" to navigate a new year marked by uncertainties.

During the year-end talk with employees, dubbed "CEO Fun Talk," Cho shared detailed insights into anticipated changes in the global business environment for 2025, amid intensifying global competition and supply chain issues.

"A crisis is a combination of risk and opportunity. In times of crisis, we will focus on exploring opportunities for growth and navigate challenges wisely," Cho said at the event, held at the company's headquarters in Seoul.

"With a mindset of 'prepare for the worst and hope for the best,' and through thorough preparation for worst-case scenarios, we can overcome any crisis."

During the event, themed "Reinvent for Sustainable Growth: Breaking Limits to Secure Structural Competitiveness," Cho provided an in-depth analysis on growing uncertainties in the global market, influenced by external and internal policy shifts. He also touched on the rising competitiveness of Chinese rivals, LG said.

"The world economy is shifting from a geopolitical era to a geoeconomic era. While global markets previously operated under shared rules and orders, we are entering an era where survival depends on fierce competition, in a world without the rules," Cho said.

The CEO also underscored the need to address the growing challenges posed by Chinese firms, leveraging technological and price competitiveness to aggressively carve out their share in the market.

"To counter the pressure from Chinese companies, we will focus on securing structural competitiveness in terms of product costs and operations by thoroughly reviewing businesses and planning in advance," the CEO said.

To tackle uncertainties, the company is working with experts to develop a "playbook," a strategic guide and response measures to enable proactive and effective responses to various situations, the company said.

The electronics giant also announced plans to solidify its product leadership by refining its systems and strengthening its edge in quality, cost and delivery to enhance brand value.

LG is doubling down on its strong technologies and security to gain a competitive edge against Chinese rivals, with a goal to differentiate itself by bolstering its reputation as a "premium" brand.

In the TV segment, for example, the company unveiled its 2025 LG QNED TV model, which combines quantum dot and nanocell technologies to deliver premium LCD performance.

Integrating advanced features that are exclusive to its organic light-emitting diode screen lineup, the company seeks to differentiate its products via superior picture quality and better security.

About 10,000 employees participated in the event, both online and offline. Employees shared their feedback and encouragement via live comments over the candid discussion, the company said.

By Jo He-rim (herim@heraldcorp.com)