LG Group Goes for Both Revenue and Vision

LG Group has changed the leaders of LG Electronics and LG.Philips LCD, the twin pillars of its electronic business.

LG Electronics convened a board of directors meeting yesterday and decided on personnel changes for 30 executives, including promoting Nam Yong, the 58-year-old LG Corp president for strategic business, to vice chairman and CEO of the company as of the new year.

LG.Philips LCD also decided to appoint Gwon Yeong-su, the 49-year-old LG Electronics president and CFO, to the position of president as of January 1.

Nam and Gwon are scheduled to take office as CEO in a shareholders’ meeting in March next year.

The decisions will end the era of Kim Ssang-su, vice chairman of LG Electronics since October 2003, and Gu Bon-jun, vice chairman of LG.Philips LCD since the foundation of the company in September 1999.

The personnel reshuffle is interpreted as a move to brighten the atmosphere of the two ailing companies.

LG Electronics Shift Key Executives-

LG Electronics explained the personnel reshuffle, “It is an effort to leap forward toward a global electronic and telecommunication company by tapping into big-name CEOs in the domestic IT sector with strategic planning ability.”

An LG Electronics executive said, “While Vice President Kim emphasized innovation and execution, Nam is expected to focus on presenting a bigger vision to the team.”

kimsunmi@donga.com