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 Headquarter Organization 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 $2.1 billion, a 38 percent increase in its Middle East and Africa operations in 2004, to become the region’s No. 1 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,” said outgoing MEA President K.H. Kim. “According to the 2004 Gallup brand equity index survey, LG is the second most recognized electronics brand in the Middle East and Africa, achieving 55.7 percent unaided brand awareness regionally.”
One of the first duties K.W. Kim will enjoy as the new president will be issuing the company’s sales results for 2005. 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,” Kim said. “LG will gradually increase investments every year to reach $3.38 billion in 2007 and more than $5.1 billion in 2010, making a grand total of $25.3 billion spent on R&D by 2010.”