By Kim Yoo-chul
The newly appointed CEO of LG Energy Solution (LGES), a global top-tier manufacturer of electric vehicle (EV) batteries, admitted that the company is facing difficulties because of a battery replacement campaign that led to the recall of about 150,000 of General Motors' Chevrolet Bolt EVs.
But LGES CEO Kwon Young-soo, a top confidant of LG Group Chairman Koo Kwang-mo, said that battery quality-related matters can be addressed and he remained confident that clients won't lose their trust in the company, as the battery recall issue isn't something that can modify or revoke the firm's long-term relationships with top carmakers.
"Keep your heads up. You don't have to be disappointed just because of quality issues. Yes, LGES is facing difficulties. I would say that you may have concerns because of product quality issues. But it's a necessary step before going further," Kwon told employees in a message on his first day of work as chief executive, Monday.
"The darkest hour is before the dawn. If you worry a lot, you may miss forthcoming opportunities. However, we have a strength in that we are able to embrace today's difficulties as a chance for advancement," Kwon said, adding LGES owns more than 25,000 battery-related patents, which is the most among the industry's players.
He said that LGES is viewed as a pathfinder by the global battery industry and highlighted that the company has been stable in terms of delivering its products to key clients and markets based on its strengths in managing large-scale production.
Regarding any updates about its client relationship in the wake of its multi-billion-dollar battery recall campaign, the CEO said, "LGES still wins back trust from clients, and our desired way and vision are about how to become a trustworthy and lovable partner for clients based on such strengths."
General Motors reached an agreement recently, under which LGES and LG Electronics will collectively reimburse the Detroit-based carmaker for costs and expenses associated with the recall of its EVs and EUVs, due to manufacturing defects in battery modules made by LG affiliates. LGES said that it will restart the paused process of its initial public offering (IPO) plan thanks to the agreement.
"I will try to be a leader who is truly communicative, because I am a firm believer that management consists of the process of winning people's trust, and the best way to do that is to listen. Now, I am riding on the tumultuous LGES train and I am delighted to be going with you."
Kwon was LG's chief operating officer and the CEO of LG Uplus and LG Display, while he also handled LG Chem's battery business division. He was the top contributor in winning a 1-trillion-won investment from Dutch-based Philips to create LG Philips LCD, now LG Display, as well as the hidden force behind the expansion of LG's battery client base.
The newly appointed CEO of LG Energy Solution (LGES), a global top-tier manufacturer of electric vehicle (EV) batteries, admitted that the company is facing difficulties because of a battery replacement campaign that led to the recall of about 150,000 of General Motors' Chevrolet Bolt EVs.
But LGES CEO Kwon Young-soo, a top confidant of LG Group Chairman Koo Kwang-mo, said that battery quality-related matters can be addressed and he remained confident that clients won't lose their trust in the company, as the battery recall issue isn't something that can modify or revoke the firm's long-term relationships with top carmakers.
"Keep your heads up. You don't have to be disappointed just because of quality issues. Yes, LGES is facing difficulties. I would say that you may have concerns because of product quality issues. But it's a necessary step before going further," Kwon told employees in a message on his first day of work as chief executive, Monday.
"The darkest hour is before the dawn. If you worry a lot, you may miss forthcoming opportunities. However, we have a strength in that we are able to embrace today's difficulties as a chance for advancement," Kwon said, adding LGES owns more than 25,000 battery-related patents, which is the most among the industry's players.
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| LGES CEO Kwon Young-soo |
Regarding any updates about its client relationship in the wake of its multi-billion-dollar battery recall campaign, the CEO said, "LGES still wins back trust from clients, and our desired way and vision are about how to become a trustworthy and lovable partner for clients based on such strengths."
General Motors reached an agreement recently, under which LGES and LG Electronics will collectively reimburse the Detroit-based carmaker for costs and expenses associated with the recall of its EVs and EUVs, due to manufacturing defects in battery modules made by LG affiliates. LGES said that it will restart the paused process of its initial public offering (IPO) plan thanks to the agreement.
"I will try to be a leader who is truly communicative, because I am a firm believer that management consists of the process of winning people's trust, and the best way to do that is to listen. Now, I am riding on the tumultuous LGES train and I am delighted to be going with you."
Kwon was LG's chief operating officer and the CEO of LG Uplus and LG Display, while he also handled LG Chem's battery business division. He was the top contributor in winning a 1-trillion-won investment from Dutch-based Philips to create LG Philips LCD, now LG Display, as well as the hidden force behind the expansion of LG's battery client base.
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