SEOUL, March 16 (Korea Bizwire) — LG Electronics Inc. said Friday that its board of directors decided to keep incumbent CEO Jo Seong-jin in his post for another three years.
Jo, who became the company’s CEO in 2016, came under the spotlight as he became the leader of South Korea’s No. 2 tech giant while having only a high school degree. The CEO first joined the company in 1976.
Industry watchers said the decision to retain Jo at the position came as he improved the company’s profits last year.
In 2017, LG Electronics posted sales of 60 trillion won (US$56 billion), setting a new yearly record. Shares of LG Electronics are currently trading at more than 100,000 won, compared to around 50,000 won posted last year.
This year, Jo plans to solidify LG’s presence in the global home appliances market through premium products.