November 24, 2024

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LG Group headquarters in Yeouido, western Seoul (Newsis)

LG Group chose stability in its year-end executive reshuffle on Thursday, rather than seeking drastic changes in the top brass amid growing uncertainties surrounding the business environment at home and abroad.

Most CEOs at key affiliates retained their jobs, considering their experiences in tackling challenges at times of economic difficulties.

Battery-making unit LG Energy Solution CEO Kim Dong-myung and consumer goods unit LG H&H CEO Lee Jung-ae kept their posts.

LG Uplus, the telecom unit, was the only LG company to have a new CEO, Hong Bum-shik, head of corporate strategy at LG Corp., the group’s holding unit.

Promotions were also reduced, with a total of 121 executives getting promoted. LG said it aims to streamline the operation and speed up the decision-making process.

Only two executive vice presidents were promoted to presidents across all LG affiliates, including Kim Young-lak, head of Korean sales and marketing at LG Electronics, and LG CNS CEO Hyun Shin-gyoon.

Of the total 121 executives, 86 were newly appointed, with their average age at 49, the same as last year.

More women and younger employees were promoted as part of the group’s ongoing efforts for years.

Six female executives were newly added to bring the total to 65, the highest ever. Executives born in the 1980s have tripled to 17 over the past five years.

“This year’s executive reshuffle aims to speed up the pace of change for future growth,” an LG official said. “Centering on ABC (AI, bio and clean tech), we will bolster readiness for the future and accelerate innovation by putting the right person in the right place.”

Of the newly-promoted executives, 23 percent were working at ABC areas. With 21 new promotions, the total number of executives at research and development divisions increased to 218.

In the meantime, speculation had been growing that LG could promote more vice chairs to support Chairman Koo Kwang-mo, but no promotion was made. Currently, there are two vice chairs -- LG Corp. Vice Chairman Kwon Bong-seok and LG CEO and Vice Chairman Shin Hak-cheol.

By Jie Ye-eun (yeeun@heraldcorp.com)