LG Chem, LG Display retain leadership for conservative mgmt in challenging times

2022.11.24 13:55:01 | 2022.11.24 17:04:01

From Left : Shin Hak-cheol, Jeong Hoyoung, Cha Dong-seok [Source : LG Chem and LG Display]이미지 확대

From Left : Shin Hak-cheol, Jeong Hoyoung, Cha Dong-seok [Source : LG Chem and LG Display]

LG Group on Wednesday has retained most of chief executives of key units as South Korea’s fourth largest business group strong in electronics, IT components, network, and beauty and chemicals turn conservative against multiple challenges in the global economy in the coming year.

LG Chem Vice Chairman and CEO Shin Hak-cheol and LG Display President and CEO Jeong Hoyoung were re-endorsed to their seats at each company’s board meeting on Wednesday, according to industry sources on the same day.

Jeong has built career in strategic planning and business management for finance and economy at group affiliates including LG Electronics, LG Display, LG Chem and LG Household & Health Care.

He has the responsibility to defend the IT component maker’s finance during industrial slump.

LG Display incurred an operating loss of 759.3 billion won in the third quarter, widened from 488.3 billion won a quarter ago and reversing from a profit a year earlier.

As part of efforts to improve its financial status, LG Display on the same day invited employees to apply for transfer to other LG companies. It is hoping to streamline by 200-300 in payroll.

It will shutter domestic LCD TV lines six months earlier than planned to center on OLED.

LG Chem will be spurring efforts to secure new growth engines under the leadership of Shin. Executive Vice President, CFO and CRO Cha Dong-seok has been promoted to President on the same day as he proved his worth by reorganizing the business portfolio with focus on new businesses for future amid growing uncertainties.

Except for Cha, a total of 21 have been promoted to higher positions. The company said this year’s annual executive reshuffle was made with an aim to better prepare for the future based on its three new mainstay business areas - eco-friendly materials, battery materials and novel drugs.

LG Chem on Tuesday announced that it would invest $3.2 billion to build a cathode materials plant capable of producing 120,000 tons per year in the United States, what would be the largest among all its manufacturing bases across the world.

Other LG Group family units will soon confirm their annual executive reshuffle. Holding entity LG Corp. holds a board meeting on Thursday.

By Oh Chan-jong, Lee Sae-ha, Song Min-geun and Lee Ha-yeon

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