After six consecutive quarters of operating losses, LG Display's new CEO said the top priority was to turn losses into profits.
CTOnews.com, December 5 (Xinhua)-- Jeong Cheol-dong, the new CEO of LG Display, took office on Friday after six consecutive quarters of operating losses, stressing that improving the company's performance and turning losses into profits is the most urgent task.
"getting rid of losses is our most urgent priority," Zheng said in his first inaugural letter to employees. "to this end, we must fulfill our commitment to our customers and achieve our planned goals." He also stressed: "We will promote cost innovation throughout the business while improving quality, price and delivery-these are the most basic elements of corporate competitiveness-to build a solid company."
Zheng's news came as LG Display recorded six consecutive quarters of operating losses in the year to the third quarter, with a cumulative loss of 2.6 trillion won (CTOnews.com Note: currently about 14.222 billion yuan).
Zheng Zhedong, who was selected as chief executive in a routine personnel reshuffle last week, previously served as president of LG Innotek, a maker of electronic components owned by the LG group. Zheng Zhedong is a senior employee of LG. Over the past 40 years, he has held various positions in various departments such as LG Display, LG Chem and LG Innotek. He also worked at LG Display for 12 years, from 2004 to 2016.
Zheng Zhedong said in the letter: "when I came back seven years later, I felt a heavy responsibility at a time when the company had been struggling for many years." "I am committed to strengthening the company's next-generation technology, working with customers, and focusing on training talent to improve competitiveness in the future," he said. "
Zheng Zhedong is thought to have made a significant improvement in profits during his tenure as chief executive of LG Innotek from 2019 to 2022. LG Innotek had sales of 7.9 trillion won and operating profit of 476 billion won in 2019, but by 2022, these figures grew steadily, reaching 19.5 trillion won in revenue and 1.2 trillion won in operating profit.
