LG chairman urges investment, recruitment despite doldrums

LG Group Chairman Koo Bon-moo says he will not cut investment and recruitment next year despite poor performance of the group`s key affiliates LG Electronics and LG Display, signaling the conglomerate`s intent to make aggressive investment.

The group`s key affiliates will hold meetings from Tuesday on reviewing their achievements this year and devise business plans for next year.

LG Household & Health Care will hold its meeting on Tuesday and LG International Corp. on Wednesday. LG Electronics and LG Chem, which have wide business areas, will begin their meetings late next month.

The meetings will be attended by Koo and each affiliate`s CEO and chief directors.

In the meetings, Koo is expected to discuss how to deal with the fiscal crises triggered by Europe and the U.S., plans to secure new talent, and progress in implementing measures to pursue shared growth with smaller companies.

In particular, he will reportedly urge LG affiliates to continue investments in new business lines and R&D and to step up hiring talent and pursuing shared growth.

In a campaign on human resources development late last month, Koo also said, "Whenever the economy is in bad shape, I`ve urged CEOs to never hesitate over recruiting talent but only a few CEOs were brave enough to do so," adding, "From now on, I will further encourage you to take the lead."

sukim@donga.com