LG Electronics, the prominent Korean tech conglomerate, is now moving away from its divided top-tier management by three chief executives. The company is changing the leadership hierarchy and has today appointed the Seong-jin Jo, the head of its home and appliance (H&A) business as the sole chief executive and vice chairman of the company. This restructuring effort from LG comes as a response to the rapidly evolving global tech ecosystem. This appointment is effectively immediately.
Post his appointment, Jo will be responsible for spearheading the Korean tech behemoth as a complete entity, very much like the successful H&A business. Now the three business units of the company – H&A, mobile communications, home entertainment, and vehicle components – will report directly to him. He will hold control over the company’s operations across 120 countries.
Seong-jin Jo, aged 60, is a forty year veteran at LG and has been involved with the company since the production of its very first automatic washing machine in 1980. Before becoming the president of the rapidly scaling H&A business, Jo used to lead LG’s washing machine division. He is also the person responsible for helping LG post healthy profits in the appliances business at a time when its phone business wasn’t as humongous as it is today – still suffering a little.
The official statement on LG’s site reiterates Jo’s achievements to strengthen their case for this appointment. It reads:
Mr. Jo was instrumental in LG’s move into premium appliances with the introduction of the LG SIGNATURE brand and built-in Signature Kitchen Suite as well as building the foundation for future businesses in the areas of IoT and smart homes.
The three top-tier management positions at LG are still being retained and will now come directly under this VC and CEO posting. His position on the home & appliances team is now being passed on over to Song Dae-hyun (58), currently head of the CIS Region and president of LG Russia. The H&A division includes air conditioners, refrigerators, and cooking appliances.