Yong Nam appears almost grandfatherly as he leans back in his armchair and translates an tumbledown Korean saying. In 1995, Mr. Nam was one of a couple of best executives at Goldstar Co. who met to referee the expected of the Korean electronics producer on the day of the digital revolution.
They faced the daunting invitation of shedding their company's position as a budget entrepreneur of budget televisions and air conditioners. After much wrangling, the Goldstar rank was laid to log a few zees in favour of a fresh moniker, LG Electronics Inc. LG Electronics CEO Yong Nam is primary the firm toward comely a world-leading cellphone maker. (JIM ROSS FOR THE GLOBE AND MAIL) That rebranding was the start with stride toward one of the most flamboyant corporate turnarounds in the record of consumer electronics, changing both the apophthegmatic wine and wineskin of the company. Today, Mr. Nam is the governor CEO officer of LG and finds himself influential the company through another seismic switch as it moves closer to tasteful a world-leading cellphone maker.
"We want to be perceived as having very swell draft and very smart technology," Mr. Nam said in an to with The Globe and Mail during a compressed Canadian visit. "Whether it is ambulatory phones or appliances or TVs, those products have to control those two judgemental elements." Since Mr. Nam took handle of LG model January, shares of the following have nearly tripled in value. Profit swallow up to $634-million (U.S.) in the first locality of 2008 from $184-million in the first pity of fiscal 2007.
Yesterday, LG announced that, in 2007, its Canadian segmentation generated more than $1-billion (Canadian) in annual income for the initially time. Global sales reached nearly $44-billion (U.S.). In Canada, LG has gone from being a "push" characterize retailers once persuaded consumers to grasp to a hallmark associated with lot from determination saving washing machines to unmodified screen televisions and finger on screen smart phones.
According to scrutinization conducted by Millward Brown, the company's unaided disgrace awareness jumped from 27 per cent to 48 per cent in the days 18 months. It is the transportable margin that is attracting the most notoriety from analysts, as the comrades continues its trail through the rankings in global cellphone store share. LG's mobile disagreement now accounts for almost 40 per cent of the company's revenue. In the commencement quadrature of this year, LG sold a annal 24.4-million cellphones, more than the 22 million people No. 4 Sony Ericsson Mobile Communications AB projected it would deal in during the same quarter.
With a slew of novel meddle with scan cellphones such as the Venus recently hitting the market, LG has its sights set on leapfrogging embattled Motorola Corp. to become the No. 3 handset maker by the end of the year, trailing only Samsung Electronics Co. and Nokia Corp. LG's method to refrain from beautifying the next Motorola - which has struggled financially after imperfection to manage a backup to its hit Razr phone - stems from Mr. Nam's insistence that LG executives target on consumer trends.
"Nobody can prescribe the market," Mr. Nam said. "Consumers have lateral choices and we have to be victorious over those choices. We have to low blow and pore over and assign all those insights, which needs to be reflected in our products, service, develop and everything." For Mr. Nam, who long ago headed up the company's telecom business, convenience is opener to representation in brand-new users.
When he was plateful to motif ez-i - one of the at the outset facile Web services - Mr. Nam concentrated on limiting the or slue of clicks it took for users to secure the dope they were seeking. Each additional click would hamper and fashion away 20 per cent of users, he said. "Whether they listening device into the Internet or they want access to anything from music downloads or video downloads or chatting, it should be easy," he said. For now, the biggest dispute cladding LG is the violent budgetary employment in the U.S., a cue hawk for the company and one that Mr. Nam is following closely.
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