LG Innotek CEO Jeong Cheol-dong (right) poses with Minister of Industry, Trade and Energy Lee Chang-yang after receiving the Gold Tower Order of Industrial Service Merit at the annual Trade Day ceremony in Seoul, Wednesday. (LG Innotek)

LG Innotek CEO Jeong Cheol-dong received the Gold Tower Order of Industrial Service Merit, the highest honor in the field awarded by the South Korean government, at the annual Trade Day ceremony Wednesday for his notable contribution to the national economy.

Jeong was honored for his part in strengthening the competitiveness of the national industry by securing proprietary technologies in materials and parts, developing new technologies, leading process innovation and localizing equipment over the last 38 years, LG Innotek said.

“This award is the result of our executives and staff members doing their best to create differentiated customer value,” the CEO said during his acceptance speech. “LG Innotek will continue to commit to enhancing national competitiveness through technological innovation.”

Having joined LG Semiconductor in 1984, the electronic parts maker chief worked for LG Group’s key affiliates including LG Display and LG Chem before taking the helm at LG Innotek in December 2018. He has been recognized for his experience and expertise in business-to-business and IT sectors.

The chief of the electronic parts maker completed corporate restructuring after taking office and started focusing on high-value-added business amid sluggish demand from the downstream industries and heightened competition in the global market.

As a result, LG Innotek posted a record-high fiscal year result for the fourth consecutive year in 2022. The company logged 1.27 trillion won ($972 million) in operating profits in 2022, up 0.6 percent from the same period a year earlier. Its annual revenue also jumped 31.1 percent on-year to 19.58 trillion won in the same year.