LG Electronics Announces Organizational Restructuring for Future Growth

SINGAPORE, Nov. 28, 2023 — LG Electronics announced organisational changes to take another leap forward towards achieving the Future Vision 2030 announced in July. The changes are being implemented to strengthen organisational capabilities and business competitiveness to realise the vision of transforming into a smart life solution company that connects and expands various spaces and experiences of customers beyond home appliances.

Strategic and Structural Transformation

A key piece of the forward-thinking strategy is the newly-established Overseas Sales and Marketing Company, which will report directly to LG CEO William Cho. The company will be led by Thomas Yoon, who previously served as the president and CEO of LG Electronics North America.

The Overseas Sales and Marketing Company will play a crucial role in accelerating change and growth as well as enhancing LG’s global brand power by discovering and developing opportunities to create customer value. The new organisation will manage overseas sales subsidiaries in North America, Europe, Latin America, the Middle East and Asia; Global Marketing Group; and the Direct-to-Consumer (D2C) Sales Business Group.

The company will not only seek to strengthen executive capabilities in the overseas operations of strategically critical businesses including B2B operations, but also provide necessary support to bolster qualitative growth of all other business units by aiding the development of overseas sales expertise as well as accelerating the advancement of platform-based businesses and innovative D2C business models. The D2C Business Group will take on the role of expanding customer contact points by strengthening Online Brand Shop (OBS) activities and customer data-based digital marketing capabilities.

Fostering Expansion and Optimisation of Business Units

While maintaining its agile and responsive decision-making system across all four business units, LG will aim to spur further development of original technologies in each business unit and support the company’s business transformation.

The Home Appliance & Air Solution (H&A) Company will establish an engineering sales division under the Air Solutions Business to enhance the engineering capabilities to maximise business synergy in heating, ventilation and air conditioning (HVAC), its core B2B business area. In addition, the Home Beauty Business will be transferred from the Home Entertainment Company to the H&A Company to create synergy with existing strong product lineups in ‘Home’ spaces.

The Home Entertainment (HE) Company is set to further accelerate its transition to become a media and entertainment powerhouse. To strengthen the smart TV operating system webOS, the webOS SW Development Group will be established for direct reporting to Park Hyoung-sei, president of the HE Company. Also, the eXtended Reality (XR) Business Division will be established directly under the headquarters. 

Leading the company since 2019, president Park has been promoted in recognition of his contribution to upgrading the company’s business portfolio, improving profitability of premium product lineups and growing the webOS platform while solidifying the company’s position in the global OLED TV market. 

The Vehicle component Solutions (VS) Company will set up the Global Customer Strategy Division directly under its headquarters to establish an integrated strategy for order and sales management and strengthen marketing functions to accelerate the growth of the business.

The Business Solutions (BS) Company will expand sales and business operations in major regions such as North America, Europe, Central Asia, Asia and Latin America. The current B2B India Business Department will be upgraded into the B2B India Business Division to maintain continuous growth in the country.  

All appointments are effective on 1 December 2023, with promotions going into effect on the first day of the new year.

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About LG Electronics Inc.

LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 74,000. LG’s four companies – Home Appliance & Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions – combined for global revenue of over KRW 80 trillion in 2022. LG is a leading manufacturer of consumer and commercial products ranging from TVs, home appliances, air solutions, monitors, service robots, automotive components and its premium LG SIGNATURE and intelligent LG ThinQ brands are familiar names world over. Visit www.LGnewsroom.com for the latest news.

About LG Electronics Singapore Pte Ltd

LG Electronics Singapore Pte Ltd (LG Electronics Singapore) is a fully-owned subsidiary of LG Electronics Inc., the pioneer and market leader of the Korean electronics industry. LG Electronics Singapore operates three business units – Home Entertainment, Mobile Communications and Home Appliance & Air Solutions. In recognition of its vision to enrich people’s life with smart technologies and innovative design, LG Electronics Singapore has been recognized with prominent local and international accolades, such as the CNET Asia Editor’s and Readers' Choice Awards, HWM+HardwareZone.com Tech Awards, Red Dot Design, and GfK No. 1 Awards. For more information, please visit www.lg.com/sg.

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