LG Group selected stability in its year-end govt reshuffle on Thursday, reasonably than in search of drastic modifications within the high brass amid rising uncertainties surrounding the enterprise atmosphere at residence and overseas.
Most CEOs at key associates retained their jobs, contemplating their experiences in tackling challenges at occasions of financial difficulties.
Battery-making unit LG Power Answer CEO Kim Dong-myung and client items unit LG H&H CEO Lee Jung-ae saved their posts.
LG Uplus, the telecom unit, was the one LG firm to have a brand new CEO, Hong Bum-shik, head of company technique at LG Corp., the group’s holding unit.
Promotions have been additionally decreased, with a complete of 121 executives getting promoted. LG stated it goals to streamline the operation and velocity up the decision-making course of.
Solely two govt vice presidents have been promoted to presidents throughout all LG associates, together with Kim Younger-lak, head of Korean gross sales and advertising at LG Electronics, and LG CNS CEO Hyun Shin-gyoon.
Of the full 121 executives, 86 have been newly appointed, with their common age at 49, the identical as final yr.
Extra ladies and youthful staff have been promoted as a part of the group’s ongoing efforts for years.
Six feminine executives have been newly added to deliver the full to 65, the best ever. Executives born within the Nineteen Eighties have tripled to 17 over the previous 5 years.
“This yr’s govt reshuffle goals to hurry up the tempo of change for future development,” an LG official stated. “Centering on ABC (AI, bio and clear tech), we’ll bolster readiness for the longer term and speed up innovation by placing the fitting individual in the fitting place.”
Of the newly-promoted executives, 23 p.c have been working at ABC areas. With 21 new promotions, the full variety of executives at analysis and growth divisions elevated to 218.
Within the meantime, hypothesis had been rising that LG might promote extra vice chairs to help Chairman Koo Kwang-mo, however no promotion was made. Presently, there are two vice chairs — LG Corp. Vice Chairman Kwon Bong-seok and LG CEO and Vice Chairman Shin Hak-cheol.
