LG Electronics names new presidents

LG Electronics said Wednesday that it has named three new presidents along with other top executives.

Park Jong-seok, president and CEO of LG Electronics’ mobile communications division, will be promoted to company president while maintaining his current position. Ha Hyun-hoi, executive vice president of LG Corp., was named president and CEO of LG Electronics’ home entertainment division, while Jung Do-hyun, its executive vice president and CFO, will be promoted to president.

Kwon Hee-won is stepping down as president and will serve as an advisor for the electronics firm. Sluggish TV sales are said to influence his leaving the helm.

LG Electronics said 41 senior executives were also promoted. The appointments, which came after a board meeting held on Wednesday, are in line with putting more focus on strengthening LG’s mobile business, as seen with Park’s promotion. Park led LG’s G project, a marketing plan to promote a premium brand image and take back market leadership.

The Korean electronics firm said it would maintain five business units including mobile, home entertainment and home appliances, but each business unit would operate its own research and development center to maximize synergy effects.

In order to avoid overlap in global sales departments, all the businesses’ units will be integrated into one named the global sales and marketing office. The GSMO will be led by Park Seok-won, head of LG Electronics USA since 2009.

Meanwhile, LG Display appointed two new executive vice presidents and 12 executives on the same day, including Hwang Yong-kee and Cha Soo-youle ― heads of LG’s TV business unit and OLED panel group, respectively ― promoted to executive vice presidents.

With the new leadership, the firm said that it hoped to take the lead in display markets such as for organic light-emitting diodes.

By Kim Young-won (wone0102@heraldcorp.com)