LG Electronics appointed the head of its Mobile Communications and Home Entertainment divisions Kwon Bong-seok as its new CEO, effective from 1 December, an apparent reaction to a hefty decline in net income during Q3.
Kwon, described by the company as a “strategist who combines technology and marketing”, joined LG Electronics in 1987 and held a number of management positions across several divisions. He will replace current CEO Jo Seong-jin, who is stepping down from the role after around three years at the wheel.
He headed the company’s Home Entertainment since 2015, with the Mobile Communications role added at the end of 2018.
In a statement, LG Electronics said the executive was “the best person for digital transformation, a key task of global IT companies”, and brought “a high understanding and capability of big data, AI, connectivity, and contents”.
However, the appointment comes a matter of weeks after LG Electronics revealed a hefty 30.5 per cent annual decline in net profit during Q3, with signficant reductions in sales and operating profit at its Mobile Communications unit a key factor.
The Korea Times reported the Home Entertainment unit will be led by Park Hyoung-sei, current EVP of its TV Business Operation Centre, and the mobile business by Lee Yeon-mo, currently executive director at the division.Subscribe to our daily newsletter Back