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LG CEO vows to step up innovation

Tech giant aims to be No. 1 in global home appliance market

LG Electronics’ CEO and vice chairman Koo Bon-joon pledged on Thursday to ramp up efforts for innovative experiments in a bid to better respond to customer demands during economic uncertainties.

“This year we would face bigger economic uncertainties amid the volatile financial market and the falling oil prices,” Koo said in a statement ahead of the company’s annual shareholders meeting at its Seoul headquarters.
 
LG Electronics’ shareholders meeting is shown on a TV screen at the company’s Seoul headquarters in Yeouido, western Seoul, on Thursday. (Yonhap)
LG Electronics’ shareholders meeting is shown on a TV screen at the company’s Seoul headquarters in Yeouido, western Seoul, on Thursday. (Yonhap)

“LG Electronics will continue to offer innovative products and services to better respond to customer and market demands.”

The CEO, who did not attend the shareholders meeting, pinpointed OLED and Ultra HD TVs, the flagship G3 smartphone and the G Watch R smart watch as key products that have led the company’s innovation over the past year.

He also touted the company’s growing presence in the Chinese and European home appliance markets amid the global economic slowdown.

CFO Jung Do-hyun particularly pinned high hopes on the soaring system air conditioner business, vowing to make the company the top player in the global home appliance market to offer a “total home solution” to customers.

As part of the plans, the company combined its home appliance and energy solution in November.

He added that the company was bolstering readiness ahead of its new flagship G Series smartphone, which is scheduled to be released within the second quarter of this year.

“A prolonged market slowdown is expected amid increased uncertainties regarding the U.S. government’s possible interest rate hike, fuel prices and foreign exchange rates,” Jung said.

During the annual meeting, LG shareholders confirmed the company’s seven board members, including four outside directors. They also agreed to maintain the remuneration ceiling for registered directors at 4.5 billion won ($4 million), the same as last year.

By Lee Ji-yoon (jylee@heraldcorp.com)
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