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MarketScreener Homepage  >  Equities  >  KOREA EXCHANGE  >  LG Corp    003550   KR7003550001


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LG chooses stability over change in personnel reshuffle

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11/29/2018 | 08:16am EDT

By Baek Byung-yeul LG Group made few changes in its first reshuffle under new Chairman Koo Kwang-mo as the country's fourth-largest conglomerate decided to choose stability over change by going with current leaderships of its affiliates, according to the group, Wednesday. LG was expected to have a major reshuffle of the heads of its affiliates given Koo Bon-joon, vice chairman and second-largest shareholder of LG Corp.

, a holding company of LG Group, said in June that he would step down from his post late this year and LG Chem appointed former 3M Vice President Shin Hak-cheol as new vice chairman and CEO on Nov. 9 There has been attention on the fate of three vice chairmen ― LG Display Vice Chairman Han Sang-beom, LG Electronics Vice Chairman Jo Seong-jin and LG Household amp; Health Care Vice Chairman Cha Suk-yong, but the group decided to keep them in their posts.

Though there were few changes in top management of the group's units, LG said it has promoted new executives in an attempt to increase its CEO candidate pool. 'This year's year-end reshuffle is the largest one in terms of promoting new executives since GS Group was spun off from LG Group in 2004,' said an official of LG Corp.

'We tried to promote new executives in preparation of the group's future to increase our CEO candidate pool and cultivate future.' LG Corp.

recruited Hong Bum-shik, former head of the Korea branch of US consulting firm Bain amp; Company. Hong, who graduated from the University of Southern California with a bachelor's degree in business administration and earned an MBA degree at Columbia University, served as a vice president of SK Telecom and co-head of Bain amp; Company's Seoul branch.

'Hong will take charge of the group's business portfolio,' the LG official said, adding the firm chose him after reviewing his experience in the telecommunication, media and technology fields. The holding company also recruited Kim Hyoung-nam, former executive vice president at Hankook Tire, as a vice president.

LG Electronics promoted 56 executives and opened two new units ― the robot business center and the self-driving team ― under the direct control of its CEO. The electronics arm of the group said the two new organizations are to nurture new growth engines.

To beef up the artificial intelligence (AI) business, the firm added it will open its North America Research amp; Development Center In a bid to bring changes in its sluggish mobile business, the firm also said Kwon Bong-seok, head of the home entertainment unit, will also lead the firm's mobile communications unit, which supervises the smartphone business, replacing Hwang Jeong-hwan who led LG's smartphone business for a year To increase the groups technology competency, about 60 percent of newly promoted executives have engineering backgrounds, the group said, adding that this is to secure the group's future growth engine in artificial intelligence, big data, robot, fifth-generation network service and intelligent factory sectors. The year-end reshuffle also included seven new female executives.

While the group had 14 female executives in 2014, it now has 29. .

(c) 2018 Korea Times Co. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
LG CHEM LTD End-of-day quote.
LG CORP End-of-day quote.
LG DISPLAY CO LTD End-of-day quote.
LG ELECTRONICS INC. End-of-day quote.
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Financials (KRW)
Sales 2019 7 376 B
EBIT 2019 1 532 B
Net income 2019 1 682 B
Finance 2019 422 B
Yield 2019 2,90%
P/E ratio 2019 7,12x
P/E ratio 2020 6,30x
EV / Sales2019 1 611x
EV / Sales2020 1 154x
Capitalization 11 883 B
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Mean consensus OUTPERFORM
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Average target price 96 714,29  KRW
Last Close Price 68 900,00  KRW
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Spread / Lowest Target 16,1%
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