LG Hausys Transitions to Dual CEO Structure with Kang Gye-woong and Kang In-sik

Vice President Kang Gye-ung (left) and Executive Director Kang In-sik (right)

[Asia Economy Reporter Hwang Yoon-joo] LG Hausys has newly appointed Vice President Kang Gye-woong and Executive Director Kang In-sik as co-CEOs, transitioning to a dual CEO system.

On the 26th, at the '11th Regular General Meeting of Shareholders' held at the LG Seoul Station Building in Seoul, LG Hausys announced that Vice President Kang Gye-woong was appointed as an inside director, and following the shareholders' meeting, the board of directors newly appointed Vice President Kang Gye-woong (CEO) and Executive Director Kang In-sik (CFO) as co-CEOs.

Going forward, CEO Kang Gye-woong will oversee the architectural decorative materials business, while CEO Kang In-sik will manage the automotive materials and parts business. LG Hausys explained that the transition to a dual CEO system aims to strengthen competitiveness by securing expertise in each business division.

The architectural decorative materials business plans to further enhance its expertise as an interior company providing interior solutions to consumers, in addition to existing materials such as windows, flooring, artificial marble, and insulation materials, solidifying its market dominance as a leading domestic architectural decorative materials and interior company.

The automotive materials and parts business will focus on improving profitability and financial structure by fundamentally enhancing business competitiveness to overcome the downturn in the upstream market.

CEO Kang Gye-woong joined Geumseong Corporation in 1988 and has held positions such as Head of Korea Management Team at LG Electronics, CEO of Hi Plaza, and Head of B2C Group at Korea Sales Headquarters. In 2019, he moved to LG Hausys and served as Head of Korea Sales Division.

CEO Kang In-sik joined Lucky in 1987 and has held roles including Finance Manager and Accounting Manager at LG Chem. In 2019, he moved to LG Hausys and has served as CFO (Chief Financial Officer).

Meanwhile, at the shareholders' meeting on the same day, LG Hausys approved the 2019 financial statements and confirmed dividends of 250 KRW per common share and 300 KRW per preferred share, including the new appointment of Vice President Kang Gye-woong as an inside director.

In his remarks, Executive Director Kang In-sik said, "In 2019, sales and operating profit slightly decreased compared to the previous year due to the downturn in the housing market, but we achieved certain results amid market stagnation through expanding sales of high value-added products, improving order profit margins, and cost innovation activities. This year, although the business environment is clearly challenging due to various domestic and international risk factors, we will overcome the crisis through ‘customer delight’ management that provides value from the customer's perspective."

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