Jeong Cheol-dong, president of LG Display, said on the 16th, "Although this year's business environment is expected to be worse than in previous years, we feel a sense of urgency to achieve a turnaround (performance improvement), and all members will join forces to ensure results."
On this day, President Jeong spoke at the 4th generation large organic light-emitting diode (OLED) new technology briefing held at LG Science Park in Magok, Gangseo District, Seoul, stating, "If we have laid the foundation for a reversal by improving the company's fundamental capabilities, including technology development over the past year, this year will be a year of leap forward, and we will do our utmost to make that happen." After serving as CEO of LG Innotek for five years, President Jeong was brought in as a savior for LG Display, which faced poor performance at the end of 2023.
He proposed the management keyword for this year's leap forward as "Jump (J.U.M.P)," which signifies a commitment to achieving performance improvement just in time, LG Display's unique value, aspirations for market leadership in OLED, and the intention to be a partner trusted by customers and capable of mutual growth.
President Jeong noted, "The first keyword, 'just in time,' implies a desperate commitment to focus on generating results, stating that achievement must occur now." He added, "To achieve this, we will proactively discover differentiated technologies and products to uncover customers' hidden needs."
He continued, "No matter what difficulties arise, corporations equipped with competitiveness can grow," and stated, "We will continue to innovate technology and costs centered around OLED to enhance competitiveness and lead the market." He added, "Currently, the display industry is in a low-growth trend with an oversupply situation, so we must gain comprehensive trust from customers to survive," and affirmed, "We will respond to customer requests with thorough execution and contribute to creating future value."
LG Display announced through its earnings announcement that it recorded an annual revenue of 26.66153 trillion won and an operating loss of 560.6 billion won on a consolidated basis for the previous year. Sales increased by 24.8% compared to the previous year (21.33308 trillion won), and the operating loss decreased by approximately 2 trillion won compared to the previous year (2.5102 trillion won). President Jeong stated, "As we have created an opportunity for reversal by emphasizing the slogan of value creation and securing revenue, I believe this year will be a turnaround."