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LG Electronics unveils organisational restructuring to boost competitiveness

LG Electronics unveils organisational restructuring to boost competitiveness

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LG Electronics has unveiled a new overseas sales and marketing entity as part of the brand's efforts to transform into a smart life solution company that connects and expands the experiences of customers beyond home appliances.

The new sales and marketing unit will be led by Thomas Yoon, who previously served as the president and CEO of LG Electronics North America. It aims to accelerate change and growth as well as enhance LG’s global brand power by discovering and developing opportunities to create customer value. It will report directly to LG CEO William Cho. 

The new organisation will manage overseas sales subsidiaries in North America, Europe, Latin America, the Middle East and Asia; the 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 the 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.

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.

Among the four business units, the home appliance & air solution (H&A) arm 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.

Meanwhile, 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.

Park has been leading the home entertainment company since 2019 and will be upgrading the company's business portfolio, improving the 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) unit 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.

Furthermore, 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 1 December this year. Promotions will go into effect on the first day of 2024. 

Don't miss: LG Electronics global marketing centre appoints former Olay Greater China VP 

This organisational restructuring comes just months after LG announced its future vision for 2030. CEO William Cho presented LG’s grand vision to go beyond consumer electronics and into the realm of smart life solutions.

By leveraging its strength and innovations in mobility solutions, the company aims to solidify its position as a key industry player, and help LG Electronics complete its transformation.

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