LG Electronics' new CEO William Cho announced the company's priorities for 2022, communicating the importance of being even more strategic in the new year to increase customer value and strengthen existing businesses while preparing for all future possibilities. In his year-end speech, CEO Cho also expressed his gratitude to all staff for a successful 2021 that saw many changes and growth amid the challenges of an evolving global market.

“We will do whatever it takes to make management more agile and have the courage to implement new ways to meet the demands of a rapidly changing business environment,” Cho announced. "LG has produced and will always produce high-quality products. In the future, we will place greater emphasis on the overall customer experience with our F.U.N. concept, first, unique and new, three attributes that will be highlighted in all customer experiences in 2022."

Innovations in customer experience will include additional contact opportunities with even more customers to more accurately predict and respond to new lifestyles and market trends, Cho said.

“We will achieve this by building on what we have created, strengthening our planning for the future,” Mr. Cho continued. “Our focus will be to maximize the growth potential of our existing businesses and view each transaction from a customer experience perspective.”

Mr. Cho also addressed the ongoing digital transformation in LG's evolution, reporting that the initiative that began two years ago was now part of all aspects of LG's business, from planning to operations, increasing efficiency and improving competitiveness. CEO Cho capped off his speech by addressing fundamental changes to the way LG operates as a company.

“It is essential to our success that we adopt a more organic way of operating to reduce and eliminate barriers and divisions between departments and business units to allow employees to communicate and coordinate more freely,” Cho concluded. “Likewise, we need to elevate our collaboration with other organizations and explore where we can further develop core internal capabilities.”