Korean Industry, Carring Out Year-end Executive Personnel Reshuffles In Consideration Of 'Generational Switch'
Korean Industry, Carring Out Year-end Executive Personnel Reshuffles In Consideration Of 'Generational Switch'
  • BK Min
  • 승인 2023.11.23 12:32
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▶LG Group Focuses On 'Young, New Leadership' For Future Competitiveness...Kwon Young-soo Steps Aside
▶Hyundai Motor Group Accelerates Future Core Strategies

Following Hyundai Motor Group, LG Group has begun reshuffling executives at each of its affiliates, marking the beginning of the end-of-year personnel reshuffle season in the business world.

As management uncertainty grows this year and next, major groups are implementing a 'New Personnel Switch' based on a strict 'Employee Performance Evaluation System.' They are engaging in a 'generational shift' and focusing on preparing for the future.

According to the business world, on the 23rd, LG Group began reshuffling executives for the next year, starting with LG Energy Solution and LG Chemical.

By the 24th, LG Display, LG Innotek, LG U+, and LG Electronics will also hold sequential board meetings and confirm executive personnel plans.

In particular, in the LG Energy Solution personnel change the previous day, Vice Chairman Kwon Young-soo, the 'second in command' who had been with LG Group for 44 years, resigned, and Kim Dong-myeong, head of the automobile battery business division (president), who was promoted to president in a personnel change at the end of last year, was appointed as CEO.

The new CEO, Kim, was born in 1969, so compared to the retired Vice Chairman Kwon (born in 1957), Kim is 12 years younger.

Vice Chairman Kwon decided to resign, saying, "To be more competitive in the future, we need young, new leadership with quick execution skills."

Vice Chairman Kwon expressed his gratitude to the members by posting a message on the company's bulletin board titled 'I was happy to be with you all.' He also said, "LG Energy Solutions is in an important transition period. " He added, "Although growth has slowed for a while due to various variables, we will continue strengthening our company. "He urged, "We must use this to solidify our position. "

LG Chem retained Vice Chairman Shin Hak-cheol and appointed R&D expert Jong-gu Lee as Chief Technology Officer (CTO) and Chief Sustainability Officer (CSSO) to accelerate the promotion of three major new growth engines, including battery materials, eco-friendly materials, and innovative new drugs. 

Other affiliates within the LG Group are also expected to pursue 'innovation within stability' to prepare for the future.

With Vice Chairman Kwon's resignation, all six vice presidents leading the group's major affiliates at the time of Chairman Koo Kwang-mo's inauguration in 2018 will step down. This has led to analysis in the business world that LG Group's generational change will accelerate and solidify the 'Koo Kwang-mo system'.

Among the current LG Group vice presidents, LG Chem Vice Chairman Shin Hak-cheol was recruited from 3M at the end of 2018, and LG Vice Chairman Kwon Bong-seok was promoted to vice chairman in 2021.

On the 17th, Hyundai Motor Group promoted Vice President Lee Gyu-seok, head of Hyundai Motors and Kia's purchasing division, and Seo Kang-hyeon, head of Hyundai Motors' planning and finance division, to president and appointed them as CEOs of Hyundai Mobis and Hyundai Steel, respectively.

The plan is to accelerate the implementation of future core strategies by appointing leaders with proven business performance and capabilities as new CEOs of major group companies.

Hyundai Motor Group will announce executive promotions and CEO appointments early next month. The personnel changes are expected to emphasize R&D and future business response.

On the 21st, LS Group also performed executive personnel reshuffles focusing on organizational stability, performance-based management, and 'achieving Vision 2030.'

In particular, LS Electric Vice President Koo Dong-hwi, the third generation of the LS owner family, decided to move to the position of Chief Operating Officer (COO) of LS MnM and take charge of the secondary battery materials business. This is interpreted as an attempt to strengthen the battery, electric vehicle, and semiconductor (distribution, distribution, and assembly) businesses that LS Group Chairman Koo Ja-eun has emphasized as future growth engines.

Hanwha Group, which made personnel changes early last month, also selected many people with high growth potential to strengthen its future business.

The link to the Korean version of this article is as below.

▷재계, 연말 인사 단행 '신상필벌 세대교체'...현대차·LG·삼성·SK 연내 임원 선임

By_BK Min, KDFN kdf@kdfnews.com


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