Kwon Young-soo to Serve as Chairman of LG Chem Board of Directors

Appointment of Board Chair at March General Meeting... Completion of Core Affiliate Koo Kwang-mo System

[Asia Economy Reporter Park So-yeon] Kwon Young-soo, LG Group Vice Chairman who pioneered LG Chem's early battery business, is returning as chairman of LG Chem's board of directors.

LG Chem announced on the 25th that it held a board meeting and recommended Kwon Young-soo, Vice Chairman of LG Corp., as a non-executive director. A non-executive director is a registered director who does not work full-time at the company but is subject to the same legal rights and obligations as an inside director.

An LG Group official said, "If Vice Chairman Kwon is appointed as a registered director at the March general meeting of shareholders, it is highly likely that he will serve as chairman of the board. The board will focus on discovering and nurturing growth engines from a long-term perspective, while the CEO will concentrate on management issues and business."

The company stated that the reason for recommending him as a candidate is that Vice Chairman Kwon served as head of LG Chem's battery business division for four years starting in 2012, and based on his business expertise, he is expected to play a positive role in setting future strategic directions and decision-making.

Vice Chairman Kwon currently serves as chairman of the boards of LG Electronics, LG Display, and LG Uplus. If appointed chairman of LG Chem's board this time, he will chair the boards of four core LG Group affiliates.

Born in 1957, Kwon Young-soo joined LG Electronics' planning team in 1979, served as head of LG Electronics' finance team, and became president in charge of finance in 2006, earning a reputation as a 'financial expert.' As a CEO, he has worked across LG Group's core businesses of electronics, chemicals, and telecommunications.

LG Group Chairman Koo Kwang-mo brought Vice Chairman Kwon into LG Group upon his inauguration in 2018 and appointed him as Vice Chairman and Chief Operating Officer. It is known that Kwon has earned strong trust from Chairman Koo thanks to the excellent results he produced while managing affiliates. Industry insiders expect that with Kwon serving as chairman of LG Chem's board, he will lead major issues such as the spin-off of the battery subsidiary and strengthening battery production capacity.

A business community official said, "With Vice Chairman Kwon chairing the boards of LG Group's core affiliates including the ICT affiliates and chemicals, it is seen as the completion of Chairman Koo Kwang-mo's leadership system," adding, "Vice Chairman Kwon is expected to assist Chairman Koo and lead LG Group's future strategy."

This content was produced with the assistance of AI translation services.