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‘Koo Kwang-mo’s LG’ has become more than 10 years younger…”Leap forward as a future company by strengthening responsible management and expertise”
LG Group Chairman Koo Kwang-mo’s personnel management keywords for 2024 are summarized in three keywords: ‘generational change’, ‘performance-based’, and ‘organizational stability’. Young-soo Kwon, Vice Chairman of LG Energy Solutions, resigned, and more than 97% of new executives were born in the 1970s, highlighting the progress of young leaders. Jeong Cheol-dong, President of LG Innotek, who achieved outstanding results even in the face of complex global crises, was appointed as the new CEO of LG Display and took on another important responsibility.
According to the business world on the 25th, LG Group held a board of directors meeting for each affiliate from the 22nd to the 24th and finalized executive appointments for 2024. First, LG Electronics established an overseas sales headquarters directly under the CEO to strengthen its global status and sales power. The head of the overseas sales division will be Vice President Taebong Yoon, who served as regional representative for North America. Under the Overseas Sales Headquarters are regional representatives and corporations in North America, Europe, Central and South America, and Asia, a global marketing group, and a D2C (direct to consumer) business group.
In order to strengthen responsible management by business division, LG Electronics promoted a total of 49 people, including 5 vice presidents, 7 executive directors, and 35 managing directors, including promoting HE Business Division Head Park Hyeong-se and Production Technology Research Center Director Chung Dae-hwa to president, respectively. LG Energy Solution and LG Innotek, which are emerging as the group’s next growth engines, have undergone a large-scale generational change with ‘young blood’. As LG Energy Solution Vice Chairman Kwon Young-soo, who had been with LG Group for 44 years, resigned, the new head was Kim Dong-myeong, head of the automobile battery business division (president), born in 1969. President Kim Dong-myeong is 12 years younger than Vice Chairman Kwon Young-soo, who was born in 1957.
LG Innotek also appointed Vice President Moon Hyuk-soo, born in 1970, as his successor as President Jeong Cheol-dong was brought in as a relief pitcher for LG Display. The new vice president, Moon Hyuk-soo, is also nearly 10 years younger than president Jeong Cheol-dong. LG Sports CEO Vice President Kim In-seok, who led the LG Twins to their first professional baseball Korean Series championship in 29 years, was also promoted to president. There is an analysis that ‘Koo Kwang-mo One Leadership’ has been strengthened while establishing a professional and responsible management system for each business.
Ministry of Public Administration and Security announces the cause of the administrative computer network failure, concluding that it is “faulty network equipment”…there are no signs of hacking.
The government concluded that the cause of the unprecedented administrative computer network paralysis was ‘faulty router equipment.’ On the 25th, the Ministry of Public Administration and Security announced the details of its investigation through the ‘Local Administrative Computer Service Reorganization TF’. According to Professor Song Sang-hyo of Soongsil University, who participated in the task force, “First, as a result of analyzing the logs left at the time of the failure, we estimated that the cause of the failure was highly likely to have occurred in the network area,” and “Because the abnormal state was detected in the network session of the integrated verification server. “It was confirmed that the OS of L4 equipment, one of the network devices, had been updated the previous day, and it was confirmed that many logs showing the L4 equipment switching to an abnormal state were repeated.”
He said, “In the case of performance inspection of network equipment, we used a method of dividing sections into repeated load tests, checking areas where failures and connection delays occurred, and narrowing down the cause of the failure.” “As a result of repeatedly performing the same analysis, we observed that large packets were lost when transmitting packets from a router, which is a network device. In particular, about 90% of packets over 1,500 bytes were lost.”
The explanation is that the cause of this phenomenon is that there was a problem with some of the ports in the module that connects the cable of the router device. In other words, the explanation is that due to packet loss, the integrated verification server was unable to properly receive packets necessary for service provision from the router, and delays overlapped, leading to a situation in which work could not be performed normally.
Meanwhile, they opened up all possibilities regarding hacking and checked with security authorities under various circumstances, including attacks from the outside and spyware planted internally, but so far, no signs of hacking have been seen.
‘Silently strong’ valuable business and service… IT industry benefited from subsidiaries and new businesses this year
This year, the activities of subsidiaries and services in the IT and venture industries that have achieved high performance without much fanfare are attracting attention. They are evaluated as quietly performing their role with a business model as solid as that of the parent company and differentiated competitiveness, establishing themselves as hidden contributors to the growth of the entire company.
According to the industry on the 25th, cases of parent companies merging valuable subsidiaries are appearing one after another in the IT and venture industries. The strategy is to create synergy and increase the value of the entire company by connecting the existing main business and the subsidiary’s business, rather than a burdensome merger. This is different from the way a parent company generally supports investment or infrastructure for the growth of its subsidiaries.
A representative example is the game developer Neptune. Neptune absorbed and merged its subsidiary AdX Plus this month. AdX Plus operates advertising solution ‘AdX’ and corporate chat solution ‘Talk Plus’, and recorded sales of 4.8 billion won in the first half of this year alone. Advertising transaction amount amounts to 13.7 billion won. Thanks to this, during the same period, Neptune’s advertising revenue optimization division recorded transaction volume of approximately 34 billion won and sales of approximately 6.9 billion won, recording the second highest performance among all businesses.
Backpacker, the operator of ‘Ideas’, began to realize economies of scope by merging with its subsidiary, Tumblbug. Before the merger, Tumblbug had achieved a cumulative donation of 300 billion won and exceeded 50,000 projects in progress. Backpacker plans to establish a virtuous cycle of the creator ecosystem by exchanging operational know-how and technology with both Ideas and Tumblbug under the common denominator of being creators.
Raon Secure, an IT security certification company, is merging its subsidiary Raon White Hat to improve business competitiveness. Raon White Hat, which specializes in security services, recorded sales of 19.2 billion won and operating profit of 3.6 billion won last year. After the merger, Raon Secure plans to target the global market using Raon White Hat’s digital ID service.
There are many cases where new businesses promoted to diversify business areas and secure new pipelines continue to grow and leave a mark after getting back on track in the industry. Coupang’s online video service (OTT) Coupang Play is achieving visible results, putting the label ‘latecomer’ to shame. According to Mobile Index, as of the end of August, Coupang Play’s app monthly active users (MAU) was 6.34 million, the highest among domestic OTTs. The analysis is that Coupang’s differentiated content, such as sports games and entertainment, was effective.
CGV Yongsanseo blackout… Approximately 50% of theaters stopped screening at one time.
A power outage occurred at CGV Yongsan I’Park Mall, a multiplex movie theater in Yongsan-gu, Seoul, causing the movie being shown to be turned off. According to visitors and CGV on the 25th, at around 9:30 a.m. on this day, the screen went black while a movie was being shown in a theater at the CGV Yongsan I-Park Mall movie theater.
It is reported that the visitors returned home following the staff’s announcement that “there has been a power outage and the movie will no longer be able to be shown,” and the movie theater provided a refund for the movie.
About half of the 20 theaters in the movie theater had projectors not working due to a power outage, and movies continued to be shown in theaters where there were no problems with the projectors. Electricity supply was resumed at 11:20 a.m., about two hours later. The movie theater said, “After confirming that there is no problem with the power supply, we plan to resume showing the movie in the theater where screening was suspended within 1 to 2 hours.”
Reporter information Park Sae-rom sp500@ajunews.com
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