Cho Joo-wan will continue to lead LG Electronics Inc. as chief executive after its parent LG Group on Thursday carried out modest reshuffles in its annual management shake-up.
Shin Hak-cheol will stay on as CEO of LG Chem Ltd., while Kwon Bong-seok will remain in office as vice chairman of LG Corp., the group’s holding company.
The fourth-largest conglomerate in South Korea decided to retain most of experienced top managers at its subsidiaries to focus on organizational stability amid mounting global uncertainties.
But it replaced LG Uplus Corp. CEO with Hong Bum-shik, corporate strategy head at LG Corp. It marked the internet service provider’s first top leadership change in four years.
Hong, a former Bain & Company consultant, has built his experience in telecommunication, media and technology. In 2019, he joined LG Corp. to lead the holding firm’s corporate strategy division.
Groupwide, 86 employees were promoted to the executive level, less than 99 in last year’s year-end reshuffle, to slim down its top management.
Executives for AI, bio and clean tech account for 23% of its newly-appointed executives at 28.
By Chae-Yeon Kim and Jeong-Soo Hwang
Why29@hankyung.com
Yeonhee Kim edited this article.
