November 24, 2023 – LG Electronics made a significant announcement today, unveiling its organizational restructuring efforts aimed at fostering future growth.
In a move aligned with the 2030 vision revealed in July, LG Electronics is embarking on organizational transformations to bolster its capabilities and business competitiveness. The official statement underscores that these changes are geared towards realizing the company’s vision of transforming into an intelligent lifestyle solutions provider, connecting and expanding into spaces and experiences beyond home appliances.
A pivotal component of this restructuring strategy involves the establishment of a new overseas sales and marketing company, which will report directly to LG CEO William Cho. This entity 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 oversee subsidiaries for overseas sales in North America, Europe, the Middle East, Africa, Latin America, and Asia. It will also manage the Global Marketing Group and the Direct-to-Consumer (D2C) sales business group.
LG Electronics emphasizes that the company aims not only to enhance the execution capabilities of strategically crucial overseas operations, including B2B business, but also to facilitate the growth of all other business segments by providing necessary support. The D2C sales business group will play a role in expanding customer engagement through strengthened Online Brand Store (OBS) activities and digital marketing capabilities based on customer data.
Furthermore, LG Home Appliance and Air Solution (H&A) Company will establish an Engineering Sales Department under its air solution business to enhance engineering capabilities, maximizing synergies in its core B2B business area of heating, ventilation, and air conditioning (HVAC). The home entertainment business will transition from the Home Entertainment Company to the H&A Company to generate synergies with the existing product lineup in the “home” space.
LG Home Entertainment (HE) Company will accelerate its transformation into a media and entertainment powerhouse. To reinforce the smart TV operating system webOS, a dedicated webOS software development team will be formed, reporting directly to HE Company President Park Hyoung-sei. Additionally, a headquarters-affiliated Extended Reality (XR) Business Unit will be established.
The Vehicle Components Solutions (VS) Company will establish a Global Customer Strategy Department at its headquarters, implementing an integrated strategy for order and sales management, reinforcing marketing functions, and accelerating business growth.
The Business Solutions (BS) Company will expand its sales and business operations in key regions such as North America, Europe, the Middle East, Africa, Latin America, and Asia. The current B2B India Business Department will be upgraded to the B2B India Business Division to sustain growth in the country.
All appointments mentioned in the announcement will take effect on December 1.