LG Group has carried out a massive personnel reshuffle, moving out the old guard such as LG Corp. Vice Chairman Kang You-shik, the number two man at LG Group, and LG Chem Vice Chairman Kim Ban-seok, as well as promoting 110 executives of the group. 

LG Corp. Vice Chairman Kang has been transferred to Vice Chairman of LG Academy, while LG Chem Vice Chairman Kim has stepped down from the top spot of the group’s chemical unit and has been appointed chairman of the LG Chem board of directors. 

The personnel change may be construed as LG Group Chairman Koo Bon-moo’s moves to overcome the effects of the sluggish economy through a generational shift in the group’s management, industry analysts say.  

Ten subsidiaries of the business group, including LG Chem and LG Display, announced reshuffles on Nov. 29. The number of executives receiving promotions in the Nov. 28-29 reshuffles topped 110, four more than promotions made during last year’s regular personnel changes. 

Noteworthy of the latest reshuffle is the appointment of Park Jin-soo, head of LG Chem’s chemical business division, to LG Chem CEO, replacing LG Chem Vice Chairman Kim. Park is touted as a petrochemical expert, climbing in rank since joining the chemical unit of the group in 1977. Park served as an assistant director and head of LG Chem’s Yeocheon Styrene Plant before he was appointed to take the helm at LG Chem’s petrochemical business division in 2008. He has been credited with ramping up competitiveness based on his experience and expertise since taking the helm at the petrochemical business division, which makes up a huge portion of revenues for LG Chem. He was also praised for establishing a solid foundation by developing the naphta-craking facility into one of the top three among single factories in Asia and making new investments including its entry into the bisphenol A (BPA) segment. 

LG Corp. President Cho Joon-ho will be in charge of managing the holding company of the group as LG Corp. Vice Chairman Kang is transferred to LG Academy. A graduate of the Seoul National University Economics Department, Cho began his career at LG Electronics in 1986. He worked at the LG Group Restructuring Headquarters before being promoted to executive vice president of LG Electronics at the age of 44 in 2002, becoming the youngest executive vice president to assume the post. He earned a reputation for making LG Electronics an electronics maker with the second largest share in the North American market while taking the helm at LG North America Inc. in 2004 before being promoted to LG Corp. executive vice president in 2008. The following year, Cho was promoted to president of the holding company and served as CEO alongside Kang. 

LG Display Executive Vice President Han Sang-beom was promoted to president of the group’s display unit. He was recognized for his roles in raising the company’s market share in the Korea LCD panel segment and turning a profit for the first time in eight consecutive quarters. 

LG Chem Executive Vice President Oh Jang-soo has been promoted to take helm at LG Hausys. He was praised for his contribution toward strengthening the petrochemical unit’s presence in the global market. 

LG U+ Executive Director Cho Ju-shik and LG U+ Executive Director Lee Chang-woo each were promoted to executive vice president. The two have been recognized for LG U+’s share in the Korean Long-Term Evolution (LTE) segment.