LG Group chairman Koo Bon-moo on Tuesday urged executives to lead innovative experiments across business divisions as part of the strategy to strengthen competitiveness during economic uncertainties.

“Global companies are competing fiercely amid slowing sales and economic uncertainties,” Koo said during a meeting with some 300 executives at the group’s Seoul headquarters.

“Customer value-oriented innovation is the key to survive the competition.”

He also stressed that innovation should lead to concrete results rather than remaining as a corporate slogan. 

“Now is the time to review our business strategy as a leading player in the market and come up with concrete plans to carry out the strategy,” he added.

Aimed at better communicating with employees, Koo launched the executive meeting in 1995 when he took office as the group chairman.

The meeting agenda consists of his speech and a special lecture by an outside speaker. On Tuesday, professor Kim Han-eol of Hongik University talked about the paradigm shift in competition and its response.

The attendees included LG Electronics vice chairman Koo Bon-joon, LG Uplus vice chairman Lee Sang-chul, LG Household & Health Care vice chairman Cha Suk-yong and LG Chem vice chairman Park Jin-soo.

Koo’s message during the meeting also reflected the group’s future management direction.

In October, he stressed the need to speed up new growth-engine businesses, saying “Even a brilliant strategy cannot be successful without execution.” In March, he urged to become the No. 1 in key businesses such as smartphones and TVs.

On Wednesday, the group’s flagship unit LG Electronics plans to unveil its new marquee smartphone G4. The leather-clad phone is said to be equipped with the industry’s most advanced camera and display technologies.

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