LG Display’s new CEO says six consecutive quarters of losses are a top priority and needs to be turned around

According to news from this site on December 5, after LG Display experienced six consecutive quarters of operating losses, new CEO Jeong Cheol-dong officially took office this Friday. He emphasized improving the company’s performance and achieving Turning losses into profits is the most urgent task at the moment.

Zheng Zhedong said in his first inauguration letter to employees: "Getting rid of losses is our most urgent priority, and to do this, we must complete commitment to customers and achieve the goals of our plan." He also emphasized: "We will drive cost innovation throughout the business while improving quality, price and delivery - the most basic elements of corporate competitiveness - to build A solid company."

When Zheng Zhedong released the news, LG Display had suffered operating losses for six consecutive quarters in the third quarter of this year, with a total loss of 2.6 trillion won (approximately 14.222 billion yuan). RMB)

In a routine personnel adjustment last week, Zheng Zhedong, the former president of LG Innotek, an electronic component manufacturer under the LG Group, was appointed CEO. Zheng Zhedong is a veteran employee of LG, having held various positions in various departments including LG Display, LG Chem and LG Innotek over the past 40 years. He also worked at LG Display for 12 years, from 2004 to 2016

Zheng Zhedong mentioned in the letter: "Seven years have passed and I am back. I feel a great responsibility because the company We have been facing difficulties over the years." He said: "I will go all out to strengthen the company's next-generation technology, work with customers, and focus on cultivating talents to improve our future competitiveness."

Zheng Zhedong During his tenure as CEO of LG Innotek (2019-2022), he is believed to have achieved significant improvements in profits. In 2019, LG Innotek had sales of 7.9 trillion won and operating profit of 476 billion won, and by 2022, these figures have grown steadily, with revenue reaching 19.5 trillion won and operating profit reaching 1.2 trillion won

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