November 26, 2024

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The LG logo is seen at its Twin Towers in Yeouido, Seoul. (Yonhap)

LG Group, the country’s fourth-largest conglomerate, announced its year-end executive reshuffle on Friday, seeking to infuse the top brass with younger blood.

From Wednesday to Friday, affiliates of LG Group held board meetings to appoint three new chief executive officers and promote 136 executives. Among the 99 to become executives, 97 of them were born after 1970 and five were born in the 1980s, the conglomerate said.

“The latest executive reshuffle sought to reform the leadership to gear up for sustainable growth in the future, and looked at the experiences and expertise of the individuals, while maintaining a focus on performance and future growth,” LG said in a press release.

LG Electronics on Friday announced the promotion of two executive vice presidents to presidents: Park Hyoung-sei, who heads the home entertainment unit, and Jeong Dae-hwa leading the Production Engineering Research Institute.

The latest promotions appear to strengthen the current two-man leadership of LG Electronics CEO Cho Joo-wan and Lyu Jae-cheol, who heads the home appliance and air solution division.

LG Electronics also carried out organizational restructuring to establish an overseas sales and marketing division, which will oversee overseas sales subsidiaries in North America, Europe, the Middle East and Africa, Latin America and Asia, as well as the global marketing unit and direct-to-consumer sales business unit.

The new division, which will report directly to Cho, is to be led by Yoon Tae-bong, who previously served as the president and CEO of LG Electronics North America.

In the groupwide reshuffle, LG Group said it promoted nine women executives in diverse fields of research and development and business development. According to the group, the number of women in executive positions has more than doubled to 61 now from 29 in 2019.

LG also promoted 31 employees dedicated to research and development to executive positions, bringing the total number of R&D executives to 203, its largest number so far. This comes as part of LG's moves to bring future planning to the fore, the conglomerate said.

Earlier this week, LG Energy Solution's board of directors appointed President Kim Dong-myung as its new CEO starting next year, replacing iconic leader Kwon Young-soo, a chemical specialist who served the group for 44 years, leading affiliates including LG Display and LG Uplus.

The latest appointment is seen as a generational shift, with Kim born in 1969, 12 years younger than Kwon. With Kwon's resignation, the chiefs leading six LG affiliates when LG Group Chairman Koo Kwang-mo ascended to his position in 2018 have all been replaced.

LG Corp. Vice Chairman Kwon Bong-seok and LG Chem Vice Chairman Shin Hak-cheol are expected to remain in their respective positions.

LG Display appointed Jeong Cheol-dong, currently LG Innotek president, as its new chief executive officer in a regular reshuffle on Thursday. Jeong, born in 1961, is an LG veteran who has served for 40 years at a number of affiliates, including LG Display and LG Chem.

LG Innotek promoted Chief Strategy Officer Moon Hyuk-soo as the successor of Jeong. Moon is the first CEO born in the 1970s at LG Innotek.

LG Sports CEO Kim In-seok has been promoted to president, with baseball team the LG Twins winning their first Korean Series championship in 29 years earlier this month.

LG Sports is the affiliate that operates the LG Twins and its basketball team, the LG Sakers. Kim, who was appointed CEO in November 2021, has led the growth of the two sports team. The LG Sakers finished second in the 2022-23 regular season, but were swept in the semifinals of the playoffs in April.

LG Uplus, LG’s telecommunication affiliate, also announced the promotions of eight executives Friday.

By Jo He-rim (herim@heraldcorp.com)