In a move to further increase market penetration across Middle East and Africa, global and regional digital leader LG Electronics has appointed K W Kim as the new President of its regional operations. Kim has taken over from K H Kim who has moved back to LG’s headquarters in Korea as a consultant.
Kim joins LG’s fast growing Middle East and Africa Operations from Korea where he was the vice president of LG’s Digital Media Overseas Marketing Division Company. An LG veteran, he joined the company in 1982, Kim was responsible for the global success of LG’s digital media products. He charted LG’s expansion in Europe; he was the first president of LG’s offices in Vienna and Budapest and the first president of LG’s Hungary sales subsidiary office. He moved back to Korea in May 1994 where he led LG’s Head Quarter Organisation Activation Team that is in charge of innovation before moving to the multimedia and audio-video divisions. He was made the vice president of the Digital Media Overseas Marketing Division and the Audio-Video Overseas Marketing in January 2005.
As the President of LG’s MEA operations, Kim will be responsible for expediting growth in the region and for spearheading the company into the next level of its growth. The company announced record sales turnover of US $ 2.1 billion, a 38 percent increase in its Middle East and Africa Operations in 2004, to become the region’s number one consumer electronics provider.
“With Kim’s track record and business experience, we are confident that he will be able to grow our business in the region as it enters a new phase of development. The Middle East and Africa region is a strategic market for LG Electronics and contributes significantly to LG’s global results. Kim’s appointment comes at a time when we have seen considerable growth and opportunity for LG and our growing community of partners,” said outgoing MEA president K H Kim.
“The past two years, as the President of LG’s Middle East and Africa Operations, have been interesting and challenging and I will look back on this time with a great deal of satisfaction. LG aims to become the top national brand in every country it operates in and during my tenure here, the company has maintained its market leading status as the leading supplier of TVs, air conditioners, monitors, refrigerators, mobiles, washing machines, PDPs and optical storage products. According to the 2004 Gallup brand equity index survey, LG is the second most recognised electronics brand in the Middle East and Africa, achieving 55.7 percent unaided brand awareness regionally. These are phenomenal achievements for a brand and I would like to thank the entire LG team and to all of you, my friends in the media, for making my stint here so successful and enjoyable,” Kim added.
One of the first duties K W Kim will enjoy as the new president will be issuing the company’s sales results for 2005.
“Mr. K H Kim leaves behind a very impressive legacy, my goal is to take the company to its next level of expansion,” said K W Kim, incoming President of LG’s MEA Operations. “My main aim is to strengthen LG’s market leading position by rolling out technologically advanced products to cater to the demands of this market. My immediate challenges are to continue development of emerging markets in this region, to cement our existing product leadership and add further leadership sectors, to increase unaided brand awareness throughout the region and raise our achievements in customer service indices.”
Value creation for customers, according to Kim, will continue to be a focal point of LG’s management philosophy.
“Only core technological leadership can ensure sustained growth and the company will continue to invest in research and development in electronics, focusing on businesses growth and expanding manpower. LG will gradually increase investments every year to reach US$3.38 billion in 2007 and more than US$5.1 billion in 2010, making a grand total of US$25.3 billion spent on R&D by 2010,” he added.
About LG Electronics, Inc.
LG Electronics, Inc. (Korea Stock Exchange: 066570.KR) was established in 1958 as the pioneer in the Korean consumer electronics market. The company is a major global force in electronics and information and communications products with more than 70,000 employees working in 76 overseas subsidiaries and marketing units around the world. With annual total revenues of more than US $37.7billion (consolidated), LG Electronics conducts its business in three main areas: Digital Display & Media, Digital Appliances, and Telecommunications Equipment & Handsets.
LG Electronics’ goal is to enable the intelligent networking of digital products that will make consumers’ lives better than ever. For more information, please visit www.lge.com
