LG announces new CEO and other promotions to boost growth in 2022
South Korean tech giant LG Electronics has announced that chief strategy officer William Cho will be promoted to CEO, and that there will be several other significant changes at the top of the organisation.
Considered as LG’s top strategist since 2019, Mr Cho has been responsible for establishing the firm’s Business Incubation Centre and fostering new businesses opportunities in the form of in-house ventures as well as startup partners during his six-year tenure as president of LG North America, LG said.
Mr Cho joined Goldstar in 1987 and has had a storied career, having held roles as president of LG Canada, Australia and the United States. He also spent four years for the company in Germany. Cho is a graduate of Pusan University, with a master’s degree in business from Yonsei University in Seoul.
Other notable changes include the appointment of Kim Byoung-hoon as Chief Technology Officer, who is being promoted from the role as head of the Future Technology Center. As well as becoming chief technology officer, Dr. Kim will also take the new Information and Communication Technology leadership position.
Jang Ik-hwan, who is a 31-year veteran of LG, is being promoted from senior vice president (SVP) to executive vice president (EVP) and will assume the top position at the Business Solutions Company after successfully growing the IT business portfolio to make LG one of the fastest-growing brands in the notebook, laptop and monitor business, the company said.
Current SVP Eun Seok-hyun will now lead the Vehicle component Solutions Company as its third and newest president. Mr Eun was previously responsible for growing the smart business division under the same company.
Going forward, the new leadership team will accelerate changes focusing even more on customer value in pursuit of growth with each business unit assuming greater responsibility, LG said in a statement.
Toward this end, the company will also reorganise its Customer Satisfaction Management Center into the new Customer Value Innovation Office (CVIO) with oversight by the CSO. The role of the CVIO will be to more effectively identify and incorporate customer feedback and pain points into the product planning, development and sales processes.
In addition, the Customer Experience Innovation Department under the Home Appliances and Home Entertainment Companies will be upgraded to Customer Experience Innovation Division.
Also, to discover potential growth engines and expedite future innovations, the M&A department under the umbrella of the Chief Strategy Office will be elevated to division level for more resources. Similarly, to increase its focus on future trends and customer needs, LG’s Life Soft Research (LSR) department will be promoted to Life Soft Research Lab to increase its influence within the Design Management Centre. And to speed up its digital transformation process related to customer experience, LG will elevate the AI Big Data department to division level under the watchful eye of the new Chief Data Office (CDO).
All appointments are effective December 1 with promotions going into effect on the first day of the new year.
For more corporate news, click here.