LG Electronics unveiled an extensive restructuring initiative designed to advance the company’s progress towards achieving its Future Vision 2030. This strategic reorganisation marks LG’s larger aspiration to evolve into a Smart Life Solution Company, expanding its scope beyond traditional home appliances. The restructuring endeavours to strengthen the company’s operational capabilities and enhance its competitiveness within the market landscape.
At the heart of this strategic revamp lies the creation of the Overseas Sales and Marketing Company, which operates under the direct purview of LG CEO William Cho. Thomas Yoon, previously serving as the president and CEO of LG Electronics North America, leads this new company. Tasked with a pivotal role, the new entity aims to instigate transformation, ignite expansion, and magnify LG’s worldwide brand impact by actively seeking avenues to augment customer value.
The recently formed Overseas Sales and Marketing Company is set to supervise LG’s sales branches in North America, Europe, the Middle East and Africa, Latin America, and Asia. Additionally, it will oversee the Global Marketing Group and the Direct-to-Consumer (D2C) Sales Business Group. The primary objective is to enhance leadership capabilities in vital businesses, particularly B2B operations, while fostering qualitative growth across all sectors. This will be achieved by refining overseas sales proficiency, propelling platform-driven businesses, and pioneering innovative Direct-to-Consumer models.
At the same time, LG remains dedicated to upholding a nimble decision-making structure throughout its various business divisions. This commitment aims to nurture the creation of innovative technologies within each unit, facilitating the overall evolution of the company’s business landscape.
In the Home Appliance & Air Solution (H&A) Company, the introduction of an engineering sales division under the Air Solution Business aims to maximise coordination in the core B2B business of heating, ventilation, and air conditioning (HVAC). Additionally, the shift of the Home Beauty Business from the Home Entertainment Company to the H&A Company is set to consolidate connections with current product offerings tailored for ‘Home’ environments.
The Home Entertainment (HE) Company is poised for a transformation into a leading force in media and entertainment. Enhancing the smart TV operating system webOS will include the establishment of the webOS SW Development Group under the direct supervision of HE Company President, Park Hyoung-sei. Additionally, the eXtended Reality (XR) Business Division will be formed directly at the headquarters.
Having noted President Park’s impactful contributions from 2019, LG has duly recognized his instrumental role in fortifying the company’s business portfolio, amplifying the profitability of top-tier product lineups, and propelling the advancement of the webOS platform. These efforts have significantly fortified LG’s worldwide footprint within the OLED TV market.
Within LG’s Vehicle Component Solutions (VS) Company, the company intends to create the Global Customer Strategy Division at its central office. This initiative aims to optimise comprehensive approaches for managing orders and sales, thus driving the expansion of its business.
Likewise, the objective of Business Solutions (BS) Company is to broaden its worldwide sales and operations. This includes the advancement of the current B2B India Business Department into the B2B India Business Division, intending to maintain ongoing expansion within the country. The upcoming structural shifts within the organisation are slated to commence on December 1, marking the official implementation of promotions at the dawn of the forthcoming year.
