LG swaps executives as Koo cements power

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LG swaps executives as Koo cements power

LG Corp. Vice Chairman and COO Ha Hyun-hwoi and LG U+ CEO Kwon Young-soo have swapped jobs, a highly anticipated switch as the corporation adapts to a new era under Koo Kwang-mo, the eldest son of late LG Chairman Koo Bon-moo.

LG Corp., the holding company of Korea’s fourth largest conglomerate, appointed Kwon as its new vice chairman and chief operating officer during a board of directors meeting held Monday.

A shareholders meeting to confirm Kwon’s nomination will be held at 9 a.m. on Aug. 29.

On the same day, LG U+ also opened up a board of directors meeting and appointed Ha as its new CEO. Ha is also expected to confirm his nomination through a shareholders meeting on Aug. 29. The time for the meeting has not yet been decided, according to an LG U+ spokesperson.

“I am confident LG U+ can become a leading player in the next-generation 5G business,” Kwon said in his last remarks to employees of the mobile carrier in an email on Monday. He added that his two and a half years at the company was a chance to learn more and grow.

Kwon entered LG Electronics in 1979 and has since climbed the ladder at the conglomerate as head of LG Display in 2008, head of LG Chem’s battery business unit in 2012 and chief of LG U+ in 2016.

Ha entered LG in 1985 and has since specialized in strategic planning for business at LG. As he was in charge of crafting strategies to create synergies between LG affiliates for two years from 2012, his major role at LG U+ is expected to be developing various businesses based on the high-speed 5G network in connection with other affiliates like LG Electronics and LG Display.

Eyes are also on whether Ha will keep Kwon’s business strategies while preparing for the 5G era. The major controversy was on whether to adopt equipment from Chinese Huawei Technologies over equipment produced by local player Samsung Electronics. Kwon had positive views on taking the cost-effective equipment.

BY KIM JEE-HEE [kim.jeehee@joongang.co.kr]
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