LG Electronics on Nov. 28 underwent a reshuffling for the new year that included naming Kwon Bong-suk as CEO and promoting a total of 49 employees.
The key point was replacing the current chief executive with Kwon based on the conviction that it was time for a change to make fast, strategic decisions amid worsening global economic conditions.
Another reason was that the company was looking for an expert who can navigate the fourth industrial revolution that encompasses mostly ideas involving digitalization such as big data, AI and cloud computing, LGE said.
Kwon, a graduate of Seoul National University, entered LGE in 1987 and since then has gained expertise in several different value chains, such as corporate strategy, product development R&D, sales and production.
LGE also promoted 6 individuals to vice president, 13 others executive vice president and 30 more employees to senior vice president including 2 women in their thirties. The scope of the reshuffling was smaller than last year when 56 employees were promoted.
The Elec is South Korea’s No.1 tech news platform.