Kwon Bong-seok Appointed COO of LG Corporation... Promoted to Vice Chairman

Taking on the Role of Count Partner for Chairman Koo Kwang-mo
"Strengthening Future Preparation for Sustainable Growth"

Kwon Bong-seok, Vice Chairman, appointed as Chief Operating Officer (COO) of LG Corporation.

[Asia Economy Reporter Jeong Hyunjin] Kwon Bong-seok, CEO of LG Electronics, has been promoted to vice chairman and appointed as the Chief Operating Officer (COO) of LG Corporation, the counterpart position to LG Chairman Koo Kwang-mo, who will enter his fifth year in office next year.

LG Corporation, along with S&I Corporation, G2R, LG Sports, LG Management Development Institute, and LG Yeonam Cultural Foundation, announced this after conducting executive personnel appointments for 2022 through board meetings held over two days until the 25th.

The next CEO position of LG Corporation is considered the second-in-command role following Chairman Koo. Vice Chairman Kwon will take on the role of LG COO, succeeding Vice Chairman Kwon Young-soo, who moved to CEO of LG Energy Solution. LG Corporation plans to hold an extraordinary shareholders' meeting on January 7 next year to appoint Vice Chairman Kwon as an inside director. Once the appointment procedure is completed at this meeting, the board will proceed with discussions on the CEO appointment agenda.

Vice Chairman Kwon joined Geumseong (now LG Electronics) Business Planning Office in 1987 and has gained most of his experience at LG Electronics. In 2015, he served as head of LG Electronics' HE Business Division (Vice President), responsible for the TV business, successfully establishing OLED TVs in the market. At the end of 2019, he was appointed CEO of LG Electronics. This year, he led structural reforms by winding down the mobile phone business (MC Business Division), which was considered LG Electronics' "pain point," and strengthening the automotive components business, identified as a future growth area.

In 2014, Vice Chairman Kwon served as head of the LG Corporation Synergy Team, responsible for creating convergence synergies among LG Group affiliates. At that time, as the Synergy Team manager, he worked closely with Chairman Koo, forming a connection.

LG explained, "Vice Chairman Kwon has driven record-high performance as LG Electronics CEO through selection and concentration and business restructuring. Going forward, as COO of LG Corporation, he will take on the role of strengthening preparations for the sustainable growth of LG Group."

LG Corporation plans to establish a new Management Strategy Division responsible for discovering and investing in future new businesses and a Management Support Division responsible for overall holding company operations and advancing management control systems under the COO. This will enhance support so that each affiliate can focus more on customer value. To this end, LG announced that Hong Beom-sik, current head of the Management Strategy Team, will become head of the Management Strategy Division, and Ha Beom-jong, current CFO and head of the Finance Team, will be promoted to president and take on the role of head of the Management Support Division.

LG explained that President Ha contributed to strengthening business competitiveness by managing finance, risk, and process systematization across the group as head of LG Corporation's Finance Team. Going forward, as head of LG Corporation's Management Support Division, he will oversee finance, legal affairs, ESG, public relations, and other management support tasks.

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