97 newly appointed LG Group leaders were born after 1970

LG, South Korea's fourth-largest conglomerate, reshuffled its board of directors last week. From November 22 to 24, LG's subsidiaries held board meetings to appoint three new CEOs and promote 136 executives.

Of the 99 people who became leaders, 97 were born after 1970 and five were born in the 1980s, the group said.

LG rejuvenates its executive team in latest reshuffle. (Photo: Fox13news)

According to LG, the latest restructuring is aimed at preparing for sustainable growth in the future and taking into account the experience and expertise of individuals, while maintaining a focus on performance and future growth.

On November 24, LG Electronics promoted two executive vice presidents to president: Park Hyoung-sei, head of the home entertainment unit, and Jeong Dae-hwa, head of the Production Technology Research Institute.

The latest promotions appear to solidify the leadership roles of LG Electronics CEO Cho Joo-wan and Lyu Jae-cheol, head of the home appliances and air solutions division.

LG Electronics is also restructuring its organization to establish an overseas sales and marketing division, which will oversee sales branches in North America, Europe, the Middle East and Africa, Latin America and Asia, as well as the global marketing unit and direct-to-consumer business unit.

The new unit, which will report directly to Cho, will be led by Yoon Tae-bong, former president and CEO of LG Electronics North America.

In a group-wide reorganization, LG promoted nine female directors in various areas of R&D and business development. The number of women in executive positions has more than doubled from 29 in 2019 to 61 today.

LG also promoted 31 R&D staff to executive positions, bringing the total number of R&D officials to 203, the largest to date.

Earlier this week, LG Energy Solution's board of directors appointed Chairman Kim Dong-myung as the new CEO starting in 2024, replacing iconic leader Kwon Young-soo, a chemist who served the group for 44 years, leading subsidiaries such as LG Display and LG Uplus.

The appointment is seen as a generational shift as Mr. Kim, born in 1969, is 12 years younger than Mr. Kwon. With Mr. Kwon stepping down, the directors who led LG’s six subsidiaries when LG Group Chairman Koo Kwang-mo took over in 2018 have all been replaced.

LG Group Vice Chairman Kwon Bong-seok and LG Chem Vice Chairman Shin Hak-cheol are expected to retain their positions.

LG Display appointed Jeong Cheol-dong, currently chairman of LG Innotek, as its new CEO on November 23. Jeong, born in 1961, has served for 40 years at several LG companies, including LG Display and LG Chem.

LG Innotek promoted Chief Strategy Officer Moon Hyuk-soo as Jeong's successor. Moon is the first CEO born in the 1970s at LG Innotek.

LG Sports CEO Kim In-seok has been promoted to president. The LG Twins baseball team won its first Korean Series championship in 29 years in early November. LG Sports is the company that operates the LG Twins and the LG Sakers basketball team.

LG Uplus, LG's telecommunications arm, also announced promotions for eight executives on November 24.

(According to Korea Herald)

Samsung opts for stability in this year's leadership reshuffle In this year's leadership reshuffle, Samsung announced the creation of a new group responsible for exploring future business categories, appointing a senior "veteran" as its head.

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