LG and Magna Sign Joint Venture Agreement and Announce Leadership Team
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By 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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By News Reporter
Have you ever wondered how many LG OLED TVs are shipped every year? 100 thousand units perhaps, maybe as much as a million? In the first half of 2023, LG recorded over 1.33 million shipments of its stunning OLED TVs, setting new benchmarks and records its competitors can only dream of.
According to market research firm
link hidden, please login to view, LG captured over 55 percent of the global OLED TV market in the first six months based on total shipments. As a renowned OLED TV leader now celebrating 10 years of innovation in this space, LG has once again defended its premium TV crown while further cementing LG OLED TV’s status as the pinnacle of premium TVs.
The “bigger the better” trend continues to prevail in the TV market, which is great news for LG. As more and more people desire larger TVs for their living spaces, models of 75 inches or larger accounted for a remarkable 11.4 percent share of total OLED TVs sold, while shipments’ yearly average growth rate topped 90 percent over the past five years. Staying on top of this growing trend, LG is resuming its dominance in the market with an outstanding 64.2 percent share in total shipments of OLED TVs over 75 inches.
LG is targeting this new demand for large and premium TVs in the second half of 2023 with the groundbreaking TV (model 97M3) it unveiled in July, which boasts the world’s first 4K 120Hz wireless solution that makes it easy for customers to achieve their dream interior.
Not one to be confined, LG unleashed a tidal wave of 10 million TV units (OLED and LCD) on the world, which has helped the company carve out a 16.2 percent share of revenue for itself in the global TV market.
Despite facing a downturn in the global TV market, LG persisted in strengthening its inventory management and securing higher profits while actively pursuing a strategic approach for its premium and ultra-large displays. And this commitment has paid off substantially, with its LG OLED TVs now accounting for around 30 percent of the company’s overall revenue generated from TV sets.
TV shipments totaled over 92 million units in the first half of 2023, matching last year’s first half performance. The OLED TV segment, which has been led by LG for a number of years, has already passed the 2 million shipments mark this year, which bodes well for the rest of 2023.
OLED TVs are continuing their takeover of the global TV market after capturing 9.3 percent of all revenue in the first half. Meanwhile, Omdia predicts that OLED TVs are set to shine even brighter, projecting at least a 43 percent revenue share among premium TVs priced above USD 1,500.
Find all the latest news on the home entertainment business and learn more about its world-leading innovations on the LG Newsroom.
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By News Reporter
Targeting More Than USD $100 Million, the Fund Will Focus on Investments in
Companies That Provide Positive Impact on People and the Planet
SANTA CLARA, Calif., Aug. 2, 2023 — Global innovator
link hidden, please login to view and , a global investment advisory and asset management firm with nearly two decades of experience in impact and sustainable investing, announced a strategic alliance to support companies developing solutions to bring positive change to people and the planet. The two companies are collaborating on NOVA Prime Fund, a venture capital fund with a target of more than USD $100 million. The Fund’s objective will be to invest in companies advancing innovations to build a better future, drawing from the pool of companies participating in the Program sponsored by LG Electronics’ North America Center for Innovation, . “As a part of our business transformation to a Smart Life Solution company, LG is innovating to expand its services and solutions in new areas of business growth,” said LG Electronics Global CEO William Cho. “The strategic investments we’ve made with LG NOVA and its Mission for the Future Program has led us to take the next step in working with Clearbrook and others to support the accelerated growth of new technological solutions in digital health, sustainability and future solutions platforms that benefit society. Clearbrook’s investment track record with a clear focus on impact and sustainable investing aligns perfectly with LG NOVA’s mission.”
, Clearbrook’s venture capital arm, invests at the intersection of sustainability, profit and purpose, and will act as General Partner of the NOVA Prime Fund while LG Electronics will be a Limited Partner. The NOVA Prime Fund will focus on investing in mission-driven companies concentrated on sustainable energy, digital health, immersive AI and industries of the future. Based in Silicon Valley and investing across both national and international markets, the NOVA Prime Fund will seek to advance both companies’ long-standing commitment to societal impact, as the fund seeks to empower innovative startup companies to build the tools required for a more sustainable future.
LG NOVA will serve as a contributing source of innovative companies for the fund to invest in and provide a commercial acceleration path for those companies selected through its programs. Selected portfolio companies are also expected to benefit from Clearbrook’s global commercial acceleration resources. LG NOVA’s Mission for the Future is a global program to identify leading companies with innovative concepts and transformative solutions that create a positive impact on people and the planet. Selected companies may have an opportunity to explore new venture creation, and may benefit from an accelerated path to growth with support from LG.
“We anticipate that LG NOVA’s acceleration capabilities will help startups, as well as our portfolio companies, succeed in their business initiatives – providing a valuable scenario for the fund to achieve its mission of growing companies that provide a positive impact on society,” said Clearbrook’s Chairman and CEO Elliott Wislar. “Our strategic alliance is the result of a shared vision that impact investing is an essential part of a business ecosystem that contributes to an improved society for all. Through our combined forces, we will seek to accelerate and amplify innovation for a better tomorrow. Our focus will encompass environmentally friendly solutions with a reduced environmental impact, and we will actively seek to support cutting-edge innovations in healthcare, sustainable energy and other solutions that foster a smarter, healthier lifestyle.”
“By investing in this fund, we are intentionally bridging sustainability and innovation to drive exponential growth in viable solutions for the challenges we face today,” said Sokwoo Rhee, Head of LG NOVA and SVP of Innovation for LG Electronics. “We, in collaboration with Clearbrook, are moving forward in our vision for a brighter future created with innovative solutions to help people live a better life.”
For more information on the NOVA Prime fund visit
Learn more about LG NOVA and the Mission for the Future Program
Submit your company for the Mission for the Future program .
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By News Reporter
Company Once Again Elected to Chair
Next G Alliance’s Applications Working Group
SEOUL, July 3, 2023 — LG Electronics (LG) announces the reelection of Dr. Lee Ki-dong, assistant vice president at the Research and Standards Lab in LG USA, as chairperson of the Next G Alliance’s Applications Working Group. Dr. Lee was first elected to the position in 2021 and will now continue as the chair of the working group until May 2025, a result that reflects his and LG’s exemplary leadership over the past 2 years.
Founded in 2020 by the Alliance for Telecommunications Industry Solutions (ATIS) with the foundational goal of advancing 6G technology, the Next G Alliance comprises 6 working groups including Applications, Technology and National 6G Roadmap. With the commercialization of 6G expected to begin in 2029, more than 100 companies from various fields – including major mobile carriers in North America – have joined the alliance to actively accelerate the “NGA Lifecycle to 6G,” which spans research, development and manufacturing, standards leadership, market readiness and realization.
Dr. Lee’s reelection is significant for LG, serving as recognition of the company’s global leadership in the journey towards 6G advancement, a technology that is poised to play a crucial role in the evolution of many sectors, including mobility, the metaverse, smart city and manufacturing. As the only Asian-headquartered company contributing to leadership roles for Next G Alliance, LG will continue to oversee North American initiatives outlined in the Alliance’s roadmap, such as establishing 6G technical requirements and discovering new applications and use cases.
LG continues to demonstrate its commitment to and excellence in 6G technology by partnering with various companies and organizations to propel the technology forward. Last year, at the Fraunhofer Heinrich Hertz Institute (HHI) in Berlin, Germany, LG successfully tested the transmission and reception of 6G THz data over a distance of 320 meters outdoors. In addition, the company has been leveraging its mobile communications experience and expertise while cooperating with academic institutes to develop 6G core technologies. In 2019, through a collaboration with the Korea Advanced Institute of Science and Technology (KAIST), the company launched the LG-KAIST 6G Research Center.
“6G technology will be a game changer that accelerates innovation across newly established business areas, such as artificial intelligence, the metaverse, robotics and urban air mobility,” said Dr. Kim Byoung-hoon, CTO and executive vice president of LG Electronics. “Through its highly-advanced R&D programs and strong commitment to industry cooperation, LG is playing a major role in realizing the future of network communications.”
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By David Vaughan
I’ve tried Google, Facebook, and Amazon. All 3 have a blank black screen, no sign in rendered.
I’ve tried a manual login. Tells me to use google. I created an iCloud account to log in. I can log into LGs website. I cannot sign into the TV with the newly created email. It says there’s a temporary problem.
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