LGD chief reiterates focus on OLED competitiveness

On Mar. 20, 2020 LG Display’s new CEO Chung Ho-young said through a letter to shareholders that the display maker will continue to face the challenges to strengthen its core competitive edge centering on OLED panels.

He also touched upon the impact of the COVID-19, also known as the coronavirus, forecasting disruption to display demand. “The global business environment is changing due to the spread of the virus, but we will overcome by systematically and preemptively reviewing both the risks and new opportunities,” said Chung, who was named CEO on this day.

Also during the shareholders’ meeting, LG Display approved three issues including the financial statements of 2019 and two board directors. Last year, the local display maker had posted sales of KRW 23.47 trillion and an operating loss of KRW 1.35 trillion due to intensifying global competition and declining prices.

As a part of the company's plans to improve the bottom line, OLED TVs are increasingly accounting for a bigger share of its TV business. In 2018, the figure had stood at 24%, rising to 34% in 2019.

The Elec is South Korea’s No.1 tech news platform.