LG Electronics replaces CEO in search for growth momentum

LG Electronics named its home appliance division head Lyu Jae-cheol as its new CEO, with Cho Joo-wan stepping down from the post after running the company for four years. LG Electronics announced Thursday that its board had approved appointing Lyu, previously president of Home Appliance Solution division, as the new CEO, in a recognition of his role leading the company to stable sales growth in its home appliance business. The appointment came as a surprise, as the outgoing Cho had been widely expected to be promoted to vice chairman due to his role in guiding LG Electronics’ shift from a consumer appliance-focused portfolio to a business-to-business (B2B) structure and diversifying its revenue streams. LG Electronics said Cho has “laid the foundation for the company’s sustainable growth” and “decided to step down to enable a desirable transition.” Lyu is a career engineer who joined GoldStar, the predecessor of LG Electronics, in 1989. He spent more than half of his career in research and development, and later leveraged his deep technical expertise to lead business operatioWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times