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News Reporter
Since taking the helm as LG’s CEO at the end of 2021, William Cho has been a strong proponent of transparency, especially in nurturing relationships and open communication within the company’s workforce. This dedication to honest conversation inspired Mr. Cho to launch the ‘CEO F.U.N. Talk’ series, a forum for him to interact with LG employees on critical topics and the company’s future direction. The first CEO F.U.N. Talk of 2024, held on April 15, focused on ‘leadership,’ a vital component in the corporate sphere that merits regular discussion. Leadership was also the central theme at the first CEO F.U.N. Talk of 2023.
As LG aims to transform into a high-performance organization capable of consistent growth, CEO Cho underscores the need for employees to demonstrate “a sense of leadership.” Prior to this month’s talk, Mr. Cho conducted a survey to understand employees’ views of a high-performance organization and its implications for LG. “A high-performance organization is one that persistently pursues excellence to deliver outstanding results and promotes mutual growth between the company and its employees,” stated CEO Cho. He further explained that a passion for continuous learning, goal setting and skill development are essential.
Furthermore, to surpass competitors, LG must provide customers with unique experiences and significant value, thereby creating a unique competitive advantage. Mr. Cho highlighted how effective leadership at all levels drives high performance and successful organizational transformation. “The power of a participatory organizational culture amplifies when each member displays leadership and adheres to the A.C.E. principles,” he said.
CEO Cho’s A.C.E. principles include: ‘Aim for Clarity’ by setting measurable goals, breaking them down into stages and presenting clear results; ‘Conduct with Agility’ to quickly identify key issues and foster a productive work environment while also prioritizing tasks effectively; and ‘Excellence in Process’ – encouraging employees to actively define their roles and responsibilities, enhance collaboration with stakeholders, meticulously analyze all processes and allocate resources appropriately.
Mr. Cho also stressed the significance of the right leadership mindset. He asserted, “Strong willpower and persistence, rather than talent or intelligence, are crucial for achieving your dreams.” He added that every employee should not only lead their own change but also guide others in the broader transformation of LG into a high-performance organization.
Mr. Cho further highlighted organizational culture as a cornerstone for the company’s future growth and evolution. A positive and empowering corporate culture requires an environment where employees can enjoy their work and have the flexibility to change the way that they work to grow and reach their full potential. In line with this, ‘REINVENT LG’ encourages all LG employees to collaborate and innovate. Initially launched to foster a healthy organizational culture, REINVENT LG has extended to the company’s entire value chain and has become a catalyst for ‘high-performance’ management innovation.
Wrapping up the talk, CEO Cho outlined three focal points: ‘Product,’ encompassing business models and strategies associated with LG’s products and services; ‘Process,’ denoting the company’s operational methods; and ‘People,’ emphasizing the enhancement of employees’ skills. By focusing on these pivotal areas and applying its management and leadership principles, LG anticipates short-term improvements in sales and operating profit, and long-term enhancements in its business portfolio and corporate value.
In relation to ‘Product,’ Mr. Cho highlighted how LG is mitigating the impacts of a sluggish global economy by concentrating on its subscription business. This new business model has proven successful despite a decrease in demand in the home appliance market. Discussing ‘Process,’ he expanded on ‘Affectionate Intelligence,’ LG’s AI solution crafted from customer experience data, and explored various AI applications. In the ‘People’ segment, the CEO introduced several systematic training programs and support initiatives that LG is currently implementing.
The tenth CEO F.U.N. Talk took place at LG Twin Tower in Seoul, South Korea, and was attended by over 10,000 employees. Throughout 2024, CEO Cho plans to engage and communicate with more LG employees by extending the program to other business locations in Korea, including Changwon, Pyeongtaek and Gumi.
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