LG Display Appoints President Jeong Cheol-dong as CEO at General Meeting of Shareholders

The 39th Annual General Meeting of Shareholders Held

LG Display has officially appointed President Jeong Cheol-dong as the new CEO.

On the 22nd, LG Display held its 39th regular shareholders' meeting at the LG Display Learning Center located in Paju, Gyeonggi Province.

Jung Cheol-dong, CEO of LG Display. [Photo by LG Display]

At the shareholders' meeting, following the audit report, business report, report on internal transactions with related parties, and report on the operation status of the internal accounting management system, five agenda items were approved as originally proposed: ▲approval of the 2023 financial statements ▲approval of amendments to the articles of incorporation ▲appointment of inside directors ▲appointment of outside directors as members of the audit committee ▲approval of the limit on directors' remuneration.

Regarding the appointment of directors, the agenda to appoint President Jeong Cheol-dong as an inside director was approved, and he was subsequently appointed as CEO at the board meeting held thereafter. President Jeong was evaluated as a suitable candidate capable of contributing to the company's development, having gained expertise and management skills in B2B business and the IT sector through his experience at LG Display, LG Chem, LG Innotek, and other LG affiliates in the components and materials division.

Professor Moon Du-cheol of Yonsei University's Department of Business Administration was reappointed as an outside director and member of the audit committee. Professor Moon, an expert in accounting audits and ESG, will provide advisory roles across overall management.

The limit on directors' remuneration was set at 4 billion KRW, reduced by 500 million KRW compared to the previous year, to reflect changes in the external business environment and to improve the execution rate within the remuneration limit.

Last year's business performance recorded sales of 21.3308 trillion KRW and an operating loss of 2.5102 trillion KRW due to a prolonged slowdown in demand in upstream industries amid ongoing global economic uncertainties, resulting in decreased display shipments and panel price declines.

LG Display stated, "We have continued to advance our business structure and expanded order-based business sales, which allow stable operations through close consultations with customers, to the 40% range of total sales," adding, "We will improve the company's structure by increasing the proportion of OLED sales and focusing on high-end products."

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