LG Energy Solution replaces CEO in generational shift

LG Energy Solution's new CEO Kim Dong-myung, left, and outgoing CEO Kwon Young-soo / Courtesy of LG Energy Solution

LG Energy Solution has appointed Kim Dong-myung, former head of the firm’s advanced automotive battery division, as its new CEO, after his predecessor Kwon Young-soo voluntarily decided to step down from the post, the battery maker said Wednesday in a year-end reshuffle of top management.

The decision is seen by many as a generational shift pushed by LG Group Chairman Koo Kwang-mo. The incoming leader, 54, is 12 years younger than Kwon.

Kwon’s retirement made headlines in the nation’s tech industry, as he exuded massive influence in enhancing Korea’s global footing in the battery industry. He took office as the chief of the battery arm of LG Group back in November 2021, and stood at the forefront in listing the company on the main bourse and turning it into the nation’s second-most valuable firm by market capitalization.

Under his leadership, the LG affiliate was able to clinch multiple mega-sized contracts with global automakers, such as General Motors (GM) and Hyundai Motor.

The incoming CEO is also a renowned battery expert, having taken on key executive posts at the firm’s diverse battery divisions. Starting from 2014, he has displayed strong leadership by successfully leading its mobile and auto battery units, according to the company.

“Given his diverse experiences in every corner of the battery industry, the new CEO is widely expected to exercise strong leadership, so the company can tighten its footing as the world’s best battery manufacturer,” a spokesman at the company said.

Kwon served as a top executive in the group’s key affiliates, such as batteries, display and telecom.

He joined LG Electronics in 1979 and has worked at the group’s key subsidiaries for 44 years.

“Having worked at LG Group, the only goal I had was to become the world’s No. 1,” he said. “The global battery industry will face a major turning point next year, so LG Energy Solution needs young and new leadership for agile decision-making amid toughening competition in the market.”

LG Chem also held a board meeting on the same day, but it decided not to replace its incumbent chief, enabling LG Chem Vice Chairman and CEO Shin Hak-cheol to continue to serve his term until March 2025.

Shin took office of the top management position of LG Chem in 2019, and is now serving his second term.