LG Electronics vice chairman quits in reshuffle

By Baek Byung-yeul

LG Electronics CEO Jo Seong-jin stepped down in an annual reshuffle of LG Group, Thursday. / Courtesy of LG Electronics

LG Electronics Vice Chairman and CEO Jo Seong-jin has stepped down from his post in a group-wide reshuffle, making way for a younger CEO to lead the electronics firm in the rapidly changing business environment, according to the Korea's fourth-largest business group Thursday.

In an annual reshuffle, LG Group appointed Kwon Bong-seok, a 56-year-old president and chief of LG's mobile communication (MC) and home entertainment (HE) divisions, as the new CEO of the tech company.

“Amid growing market uncertainties, LG promoted professionals who are capable of reacting swiftly to the fast-changing business circumstances as new leaders of the group's affiliates,” the group said.

Park Hyoung-sei, executive vice president of the firm's TV Business Operation Center, will head the home entertainment business, which supervises LG's TV business, and Lee Yeon-mo, executive director of the MC division, will lead the MC, which oversees LG's smartphone business.

Born in 1956, Jo joined GoldStar, which later became known as LG Electronics, in 1976, after graduating Yongsan Technical High School, and became vice chairman and CEO of the company in 2017.

Kwon Bong-seok, LG Electronics' new CEO

Dubbed “Mr. Washing Machine,” the engineer-turned-CEO made LG post record sales of over 61.39 trillion won in 2017. This was the first time that the company exceeded the 60 trillion won mark in annual sales. Thanks to the robust sales of TVs and home appliances, LG logged annual sales of over 61 trillion won in 2018 as well.