LG Electronics Switches to Single CEO Structure | Be Korea-savvy

LG Electronics Switches to Single CEO Structure

LG Electronics Inc.'s new CEO Jo Seong-jin (image: Yonhap)

LG Electronics Inc.’s new CEO Jo Seong-jin. (image: Yonhap)

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.


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