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LG Electronics Announces New CEO And Other Changes To Aggressively Tackle 2022 And Beyond

Advancing Business Portfolio with Greater Focus on Digital Transformation

LG Electronics announced that William Cho, its Chief Strategy Officer, will also take on the responsibility of Chief Executive Officer effective Dec. 1.

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LG’s top global strategist since 2019, Cho was responsible for establishing LG’s Business Incubation Center and fostering new businesses opportunities in the form of in-house ventures as well as start-up partners during his previous six-year tenure as president and CEO of LG North America.

Having joined Goldstar in 1987 and spending four years in LG’s overseas office in Germany, Cho has a storied career including roles as president of LG Canada, LG Australia and LG United States. A graduate of Pusan University, he received his master’s degree in business from Yonsei University in Seoul.

Other notable changes include the appointment of Kim Byoung-hoon as Chief Technology Officer. Currently serving as the head of the Future Technology Center, Dr. Kim is being promoted to executive vice president and will simultaneously assume the roles of Chief Technology Officer as well as the new Information and Communication Technology leadership position.

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Jang Ik-hwan, a 31-year veteran of LG, is being promoted from Senior VP to Executive VP and will assume the top position at the LG Business Solutions Company after successfully growing the IT business portfolio to make LG one of the fastest-growing brands in the notebook, laptop and monitor business. SVP Eun Seok-hyun has been tapped to lead the Vehicle component Solutions Company as its third and newest president. Eun was previously responsible for growing the vehicle smart business division.

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Going forward, the new leadership team will accelerate changes focusing even more on customer value in pursuit of growth with each business unit assuming greater responsibility. Toward this end, LG will reorganize its Customer Satisfaction Management Center into the new Customer Value Innovation Office (CVIO) with oversight by the CSO.

The role of the CVIO will be to more effectively identify and incorporate customer feedback and pain points into the product planning, development and sales processes. In addition, the Customer Experience Innovation Department under the Home Appliances and Home Entertainment Companies will be upgraded to Customer Experience Innovation Division.

To discover potential growth engines and expedite future innovations, the M&A department under the umbrella of the Chief Strategy Office will be elevated to division level for more resources. Similarly, to increase its focus on future trends and customer needs, LG’s Life Soft Research department will be promoted to Life Soft Research Lab to increase its influence within the Design Management Center. And to speed up its digital transformation process related to customer experience, LG will elevate the AI Big Data department to division level under the watchful eye of the new Chief Data Office.

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 [To share your insights with us, please write to sghosh@martechseries.com]

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