SEOUL, Dec. 1 (Korea Bizwire) – LG Electronics Inc. on Thursday reshuffled its top management, shifting from group management by three co-chief executive officers to leadership by one top manager to better cope with the rapidly changing global market environment.
Jo Seong-jin, 60, head of LG’s home and appliance business division, took the post of chief executive and was promoted to vice chairman, the company said in a statement.
Jo, a high school graduate with no bachelor’s degree who joined LG Electronics in 1976, was credited with helping LG’s home appliance business post healthy profits at a time when its smartphone business suffered prolonged losses.
It is the first time that a high school graduate has become a vice chairman of LG, company officials said.
The head of LG’s smartphone division, Cho Juno, retained his post.
In October, LG Electronics reported a 3.7-percent decline in its third-quarter operating profit as it marked the sixth consecutive quarterly loss for its smartphone business.
LG either promoted or reassigned 58 executives in the reshuffle in a response to the global downturn and in a move to reinvigorate the company.
Meanwhile, the holding company of LG Group, LG Corp., decided to expand the role of Vice Chairman Koo Bon-joon, to make the group’s affiliates more competitive.
Koo is the younger brother of LG Group Chairman Koo Bon-moo.
LG Corp. said the expansion of Vice Chairman Koo’s role is aimed at increasing affiliates’ competitiveness at a time when the global economy is slowing and external uncertainties are growing.
LG Corp.’s executive vice president, Koo Kwang-mo, son of Chairman Koo, retained his post.