December 05, 2023 – LG Display, after enduring six consecutive quarters of operating losses, welcomed its new CEO, Jeong Cheol-dong, who officially assumed office last Friday. He emphasized that improving the company’s performance and turning losses into profits is the most pressing task at hand.
In his inaugural message to the employees, Jeong Cheol-dong stated, “Breaking free from these losses is our top priority, and to achieve that, we must fulfill our commitments to our customers and meet the goals we’ve set.” He also emphasized, “We will drive cost innovation throughout our operations while enhancing quality, pricing, and delivery – these are the fundamental elements of corporate competitiveness – to build a resilient company.”
Jeong Cheol-dong’s announcement comes at a time when LG Display has reported six consecutive quarters of operating losses, accumulating a total loss of 2.6 trillion Korean won (approximately 14.22 billion Chinese yuan) as of the end of the third quarter this year.
Jeong Cheol-dong, who was selected as CEO in a recent routine personnel reshuffle, previously served as the President of LG Innotek, an electronic components manufacturer under LG Group. With 40 years of experience as a senior employee within LG, he has held various positions in different departments, including LG Display, LG Chem, and LG Innotek. He also worked at LG Display for 12 years, from 2004 to 2016.
In his message, Jeong Cheol-dong remarked, “I have returned after seven years, and I feel a great responsibility, especially given the company’s struggles over the years.” He added, “I will be dedicated to strengthening the company’s next-generation technologies, collaborating with customers, and focusing on talent development to enhance our future competitiveness.”
During his tenure as CEO of LG Innotek from 2019 to 2022, Jeong Cheol-dong is credited with achieving significant profit improvements. In 2019, LG Innotek reported sales of 79 trillion Korean won, with operating profits of 476 billion Korean won. By 2022, these figures steadily increased, with revenues reaching 195 trillion Korean won and operating profits reaching 1.2 trillion Korean won.
