LG Innotek said its chief executive Jeong Cheol-dong will receive an award from the Institute of Electronics and Information Engineers on Friday for helping raise the global competitiveness of the local materials and parts industry.

Jeong, known for his insight on the materials and parts market with 37 years of experience in business-to-business deals, will receive the Haedong Technology Award from the academic organization, the electronic components maker said.

Having joined LG Semiconductor in 1984, Jeong played a leading role in securing core technologies in the materials and components industry, developing distinguished products and innovating production technology and processes.

While working at LG Display, he pushed for domestic production of core production equipment, and laid the groundwork to lead the ultra-large, ultra high-resolution television market and the next-generation organic light-emitting diode (OLED) market.

At LG Chem, Jeong helped raise the level of the domestic information electronics and materials industry through development of cutting-edge technology and materials for cars, OLED TVs and semiconductor packaging.

After he took helm of LG Innotek in 2019, the company has led global markets for optics solutions such as smartphone cameras and 3D sensing modules; substrate and materials including the world’s thinnest semiconductor substrates used in telecommunication; as well as electronic components such as the world’s first 5G telecommunication module and WiFi 6 E module for cars.

LG Innotek developed a high-efficiency magnetic material that boasts less power loss than any other existing products last year, and an eco-friendly magnet that minimized the use of heavy rare earth metals this year.