SEOUL, Sept. 16 (Korea Bizwire) — LG Display Co., Ltd. on Monday named LG Chem Ltd. President Jeong Ho-young as its new chief executive officer as it seeks a turnaround in its worsening display panel business.
Jeong, who has also served as chief operating officer of the country’s leading chemical firm, will replace LG Display’s outgoing Vice Chairman and CEO Han Sang-beom from Tuesday, a LG Group spokesman said.
“Jeong will begin his job at LG Chem tomorrow, but the appointment of a new CEO is subject to approval at a shareholders’ meeting in March next year,” he said.
Han has recently expressed his intention to step down to take responsibility for LG Display’s poor business performance this year.
LG Display’s net losses deepened to 613 billion won (US$518 million) in the first half of the year from 350 billion won in the year-ago period due mainly to tougher competition with Chinese rivals.
Earlier in the day, LG Display held an emergency board meeting to appoint Jeong as new CEO of the Apple supplier and one of the world’s biggest makers of display panels used in smartphones and televisions.
Jeong studied business administration at Yonsei University in Seoul and began his career at LG Electronics Co. in 1984. He served as chief financial officer of LG Display for six years from 2008.