Tech giant plans to create new chief operating officer position next year

LG Electronics announced Wednesday it promoted 43 executives in its year-end reshuffle, including TV chief Kwon Hee-won to president of the company’s home entertainment unit.

The promotions, approved by the board committee, include one president, one executive vice president, 11 senior vice presidents and 30 vice presidents, according to LG officials.

The group’s flagship unit also created a new chief operating officer position and strengthened manpower in research and development, strategic planning, product planning and the technology office.

The COO, who will be responsible for overall operations such as production, quality management and purchases, has yet to be named.

The firm also slimmed down its overseas offices, excluding some in Europe, the Middle East and Africa, to allow faster and more flexible decisions concerning foreign markets, LG officials said.

The promotions, the first of their kind since vice chairman Koo Bon-joon took over as company chief a year ago, number slightly more than the 39 last year.

Kwon, who has been overseeing the home entertainment unit as executive vice president since October last year, was recognized for placing LG second in the global flat-screen TV market. With Kwon at the helm of the unit, LG has also successfully introduced its Cinema 3-D Smart TV based on the passive film-patterned retarder technology.

Choi Sang-gyu, who has contributed to raising sales and profit figures as the head of marketing, was named executive vice president, only a year after he was tapped as senior vice president.

Park Jong-seok, head of the firm’s mobile communications unit, maintained his seat even after the smartphone slump due to high expectations about Long Term Evolution technology.

Lee Young-ha, former president of the home appliance division, was repositioned as the chief of the business support unit ― the former role of chief relations officer ― which is in charge of innovation. Lee will be replaced by executive vice president Shin Moon-bum.

President Nho Hwan-yong will stay as the head of the air conditioning and energy solution unit.

“The restructuring focuses on constructing a fast and strong organization that could enhance the product competitiveness and regain our reputation in the global market,” said an LG official.

In another reshuffle, LG Household & Health Care CEO Cha Suk was promoted as vice chairman of a major personal care goods maker affiliated with LG Group. 

By Cho Ji-hyun (sharon@heraldcorp.com)