LG ELECTRONICS ANNOUNCES KEY LEADERSHIP CHANGES TO ENHANCE FLEXIBILITY AND DECISION-MAKING FOR 2016
New Senior Leadership Structure to Strengthen
Company’s Position in Diverse Business Environment
SEOUL, Nov. 26, 2015 — LG Electronics (LG) today announced key executive appointments designed to further strengthen the company as it enters the new year. Leading the global corporation will be three veteran executives who will oversee every aspect of LG Electronics’ business. The new leadership structure of LG Electronics is designed to give each executive more independence and responsibility to facilitate rapid decision-making in today’s fast-changing business environment and diversified consumer segments.
The three Representative Directors1 of LG Electronics are: Jo Seong-jin, President and CEO of Home Appliances & Air Solutions; Juno Cho, President and CEO of Mobile Communications; David Jung, President and CFO. Current Vice Chairman and CEO Koo Bon-joon will rejoin the leadership team at LG Electronics’ parent company, LG Corp.
The new structure will also give each of LG’s four companies — Home Entertainment, Mobile Communications, Home Appliance & Air Solution and Vehicle Components — more autonomy to respond quickly and decisively to market conditions and business growth opportunities. Complementing LG’s ongoing leadership in televisions, mobile devices and appliances, high-growth areas such as automotive components, energy, IT and B2B are expected to drive more of LG’s growth going forward.
As part of his responsibility, David Jung will also take on the new role of Corporate Business Administration Officer where he will oversee overseas sales and marketing, global production and quality management as well as continuing to lead the office of the CFO.
Executive Vice President Lee Sang-bong, head of the LG Energy Business Center, will be promoted to President and will take on an expanded role as B2B (business-to-business) Officer, overseeing all of LG’s commercial sector business, which includes professional displays, commercial air conditioning systems and energy solutions.
Global Sales and Marketing Officer Wayne Park will assume the new title of Executive Vice President and Head of LG’s European Operations. Executive Vice President Brian Na will be responsible for LG’s Overseas Sales and Marketing, overseeing 47 LG sales subsidiaries worldwide.
All appointments are effective as of Dec. 1, 2015 with promotions taking effect on Jan. 1, 2016. The overall new organizational structure will take effect once confirmed at the general meeting of shareholders in early 2016.
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1 Under Korean law, as members of the Board of Directors, Representative Directors legally represent the company and are responsible for making decisions and implementing resolutions related to the company’s business and general matters.