Accelerating a Generational Shift
LG Group has implemented a regular executive reshuffle, appointing younger officials to key posts. Analysts say that LG chairman Koo Kwang-mo, who is in the second year as the group’s helmsman, is speeding up a generational shift to pursue future growth.
In this year's regular reshuffle, which was announced on Nov. 28, LG newly appointed 165 people as key position holders -- one as president of an affiliate, 17 as vice presidents of affiliates, 41 as senior executives and 106 as executives. Only one person, Hwang Hyun-sik, vice president of personal solutions at LG U+, was promoted to the presidency.
LG has reduced the number of newly appointed executives by 20 from 185 of last year after taking into account economic and business conditions surrounding the LG Group. Instead, the business group made changes to expedite its preparations for the future such as bringing a change to the top management and promoting young talented people to business leaders in order to respond quickly to changes in customers and market conditions.
Cho's successor was said to be president Kwon Bong-seok, head of LG Electronics' HE Business Division. As for the vice chairman group, no one promoted to vice chairman and Cho Sung-jin, vice chairman and CEO of LG Electronics left the group.