ISM Names 2010 Richter Award Winner

(Tempe, Ariz.) April 06, 2010 — Institute for Supply Management™ (ISM) announces the 2010 winner of the ISM R. Gene Richter Awards for Leadership and Innovation in Supply Management. LG Electronics, Inc. (LGE) has emerged from among 12 finalists as the sole winner. Winners of the Richter Awards program, now in its fifth year, have ranged in number each year from one to six. Finalists were announced in March 2010.

LGE submitted its winning entry in the Organization/Structure category, one of five categories in the 2010 competition. With 2009 global sales of 55.5 trillion Korean won (US$43.4 billion), LGE is comprised of five business units — Home Entertainment, Mobile Communications, Home Appliance, Air Conditioning and Business Solutions. The main focus of the award-winning project was an initiative to reinvent LGE’s global procurement organization from a highly decentralized sourcing system to a strong, center-led supply management organization.

At ISM’s 95th Annual International Supply Management Conference and Educational Exhibit in San Diego, April 25-28, 2010, members of LGE’s supply management group will share first-hand how they revolutionized their organization’s operations. Workshop session FJ will be hosted by this year’s ISM R. Gene Richter Award winner on Tuesday, April 27, 2010.

Named after supply management leader and innovator R. Gene Richter, the ISM R. Gene Richter Awards for Leadership and Innovation in Supply Management were established to recognize innovative supply organizations of all sizes and geographic locations that through strong leadership have dramatically increased their contribution to organizational success. Winners join an esteemed group of innovators, representing a variety of organizations including: Alltel Communications Inc. LLC; BP p.l.c.; DaimlerChrysler; Fluor-Hanford; HP, Johnson & Johnson; KLA-Tencor, KPN Energy Management; Lockheed Aeronautics Company, Masco Corporation; Rockwell Collins and United States Postal Service.

Sponsors for the 5th Annual ISM R. Gene Richter Awards for Leadership and Innovation in Supply Management are:

Gold — A.T. Kearney Procurement & Analytic Solutions; HP

Silver — ADR International; Bank of America; BP; Connolly; eclaro International; LG Electronics, Inc.; McKinsey & Company; Tyco International

Bronze — The Anklesaria Group; IQNavigator

The sixth annual ISM R. Gene Richter Awards for Excellence in Supply Management call for entries will open July 1, 2010. For more information, visit www.ism.ws/RichterAwards.

As the largest supply management institute in the world, the mission of Institute for Supply Management™ (ISM) is to lead supply management. By executing and extending its mission through education, research, standards of excellence, influence building and information dissemination — including the renowned monthly ISM Report On Business® — ISM continues to extend the global impact of supply management. ISM is a not-for-profit membership association serving more than 40,000 supply management professionals in 75 countries. ISM offers credentialing to professionals around the world with the Certified Professional in Supply Management® (CPSM®) qualification. ISM is a member of the International Federation of Purchasing and Supply Management (IFPSM).