LG promotes high-performing execs

LG Group on Thursday conducted the second round of its personnel reshuffling which included the replacement of a couple of long-timers in a move reflecting the company’s shifting focus to performance and a younger generation of executives.

At LG Display, executive vice president Han Sang-beom was promoted to president and CEO for helping the company achieve No. 1 status in the world 3-D television market.

In the third quarter, Han led the company into the black after eight quarters of deficits.

Also at LG Display, Kim Sung-hyun was named vice president to become the youngest among the promoted to become an executive. The 39-year-old was lauded for his role in advancing the LG signature film-type patterned retarder technology, which is seen as responsible for LG Display’s enhanced performance.

Vice chairman Kim Bahn-suk of LG Chem, meanwhile, was replaced by Park Jin-soo, head of the company’s petrochemicals division who will also serve as the LG Chem CEO.

Last year, LG Chem posted record-high earnings ― 22.6 trillion won ($20 billion) in sales and 2.84 trillion won in operating profit ― on the back of a high-performing petrochemical unit. Its stock prices had accordingly risen as high as over 500,000 won at one point last year, although they have now fallen to the 300,000 won range.

In the third quarter, the division recorded an operating profit of 438.1 billion won, reflecting an almost 30 percent increase on-quarter.

LG Group Vice Chairman Kang Yu-sig, recognized by many as one of the key executives in the group, was also replaced. Kang will be moving to the LG Management Development Institute.

At LG Uplus, senior vice presidents Choi Joo-sik and Lee Chang-woo became executive vice presidents.

In total, LG carried out 110 promotions that included three CEOs and eight executive vice presidents. Three women executives were newly appointed, while at LG Household and Healthcare, Lee Jung-ae handling household products was promoted to senior vice president.

By Kim Ji-hyun (jemmie@heraldcorp.com)