LG Household & Health Care Coca-Cola Beverage Appoints Lee Hyung-seok as New CEO

Lee Hyung-seok, Vice President and Head of the Refreshment Business Division at LG Household & Health Care, has been appointed as the new CEO of Coca-Cola Beverage.

Lee Hyung-seok, the new CEO of LG Household & Health Care Coca-Cola Beverage.
[Photo by LG Household & Health Care]

According to industry sources on the 8th, Coca-Cola Beverage appointed Vice President Lee as the new CEO. He took over the CEO position following former CEO Jung Seung-hwa in 2016.

In 2019, Lee Jung-ae, then head of the Coca-Cola Beverage division and current CEO of LG Household & Health Care, assumed the CEO position, while Vice President Lee moved to lead LG Household & Health Care’s Luxury Beauty Business Division. Earlier this year, as Lee Jung-ae became president of LG Household & Health Care, Vice President Lee resumed his role as CEO of Coca-Cola Beverage.

Coca-Cola Beverage, which manufactures and sells Coca-Cola products, is 90% owned by LG Household & Health Care. The company purchases concentrates from Coca-Cola Korea and produces, sells, and distributes the products domestically.

With the recent popularity of zero-calorie carbonated drinks, Coca-Cola Beverage’s sales have increased, raising its share of LG Household & Health Care’s total revenue. The company recorded consolidated sales of 1.5719 trillion KRW last year, a 10.5% increase from 1.4228 trillion KRW in 2021. Operating profit during the same period rose 3.5%, from 200.8 billion KRW to 207.8 billion KRW.

Based on his experience leading Coca-Cola Beverage from 2016 to 2018, Vice President Lee is expected to take charge of the beverage business once again. When he first assumed the CEO role in 2016, the company recorded sales of 1.1432 trillion KRW, a 5.7% growth compared to 1.0811 trillion KRW in 2015. Sales continued to grow steadily, reaching 1.1965 trillion KRW in 2017 and 1.2023 trillion KRW in 2018.

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