LG Electronics CEO Cho Joo-wan received the Gold Tower Order of Industrial Service Merit, South Korea's highest state industrial award, in recognition of his contributions to advancing the country's electronics industry and enhancing its global competitiveness, the company said Tuesday.
Cho was honored Monday at the 20th Electronics and IT Day ceremony at Coex in Seoul, hosted by the Ministry of Trade, Industry and Energy and organized by the Korea Electronics Association.
A veteran executive who joined Goldstar -- now LG Electronics -- in 1987, Cho has served the company for over 37 years, leading its sustained growth and transformation into a global industry leader, LG said.
LG explained that, since becoming CEO in 2021, Cho has solidified the company's leadership in home appliances while expanding its vehicle component business, which now supplies eight of the world's top 10 automakers and holds an order backlog of 100 trillion won ($72 billion).
Under his leadership, LG said it has pursued a transformation into a "smart life solutions company," expanding beyond consumer electronics to deliver connected experiences across homes, businesses and mobility.
The company said it is focusing on growth in business-to-business segments such as vehicle components and HVAC systems, as well as subscription-based appliance services, the webOS platform and online business operations.
Investment in research and development has continuously risen -- up more than 11 percent last year -- as LG channels resources into future technologies, including artificial intelligence and robotics.
LG's HVAC business is expanding rapidly with AI-based data center cooling systems and next-generation chillers, securing major contracts across North America, Latin America, the Middle East and Asia.
The company's appliance subscription business has become another growth pillar, generating around 2 trillion won in revenue last year and posting an average annual growth rate above 30 percent over the past five years, LG said.
The company also saw its webOS content and advertising platform achieve annual sales of more than 1 trillion won in 2024.
Cho was also recognized for advancing corporate social responsibility under LG's vision of "Better Life for All," which focuses on creating social value through technology, improving product accessibility and promoting community engagement, the company added.
herim@heraldcorp.com
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