LG Group scales back annual reshuffle amid global uncertainty

(Han Joo-hyung)

LG Group carried out an annual group-wide executive reshuffle, prioritizing stability and efficiency in response to global market uncertainties in 2024.

LG Group announced the annual executive promotions for 2025 on Thursday, with the total of 121 executive promotions down from 2023’s 139 figure.

The group focused on stability and efficiency considering global market uncertainties in 2024, making only essential changes following the previous year‘s major leadership overhaul at LG Energy Solution Ltd., LG Display Co., and LG Innotek Co.

Among the reappointed key executives are Vice Chairman Kwon Bong-seok of LG Corp., Vice Chairman Shin Hak-cheol of LG Chem and President Cho Joo-wan of LG Electronics Inc. whose terms expire in 2025. The only major executive change occurred at LG Uplus Corp., where Hong Bum-sik, head of LG’s corporate strategy division, was named chief executive officer. Hong, known for his expertise in corporate restructuring, was credited with driving growth and improving LG‘s competitiveness through mergers and acquisitions.

Hyun Shin-gyoon, CEO of LG CNS Co., was promoted from vice president to president in recognition of his efforts to strengthen the company’s foundation.

At LG Electronics, under the renewed leadership of CEO Cho, a major restructuring plan was unveiled to accelerate innovation. A new Eco Solution (ES) Division was created to strengthen the HVAC business, a key pillar of LG’s business-to-business operations. The Overseas Sales Division will now serve as a global B2B control tower. The Media Entertainment Solution (MS) Division will focus on expanding platform-based services, while the Chief Strategy Officer (CSO) Division will oversee the company-wide AI control tower. The Chief Digital Officer (CDO) Division has been restructured into a Digital Experience (DX) Center under the CSO to leverage generative AI for business performance. Additionally, Kim Young-rak, head of Korea Sales, was promoted to president.

LG Energy Solution promoted 14 executives, down from 24 last year, reflecting challenges such as the slowdown in global electric vehicle demand. LG Chem promoted 13 executives, LG Innotek promoted six, and LG Display promoted 10.

The reshuffle continued the group’s commitment to merit-based appointments, with seven women appointed as executives across various departments. The number of female executives has increased from 29 in 2018 to a record 65. The number of executives born in the 1980s has also tripled in the past five years, now totaling 17.