LG Display names Jeong Cheol-dong new CEO in reshuffle

Industry

Published: 23 Nov. 2023, 18:33 Updated: 24 Nov. 2023, 09:51

LG Display names Jeong Cheol-dong new CEO in reshuffle

LG Display's new CEO, Jeong Cheol-dong

LG Display appointed Jeong Cheol-dong, currently chief executive of LG Innotek, as its new CEO in its annual reshuffle announced Thursday.

Jeong, 62, had served as LG Innotek CEO since 2019 and is known for having fortified the company's camera module business. His term at LG Display is set to begin in Dec. 1.

Jeong has worked for various LG affiliates over the past 40 years, including LG Chem in addition to LG Innotek.

He is acknowledged for streamlining LG Innotek's portfolio for qualitative growth. Jeong focused on camera modules, electronic parts and substrate materials while shaving off struggling businesses.

He is now tasked with making LG Display profitable. The panel-making subsidiary, 38 percent of which is owned by LG Electronics, has reported losses for the past six quarters.

Jung Ho-young, current CEO of LG Display, is stepping down, according to the company, reportedly taking responsibility of the company's deteriorating profit.

“LG Display's reshuffle this year focused on talents that have potential and capacity in preparing for the future and those that have contributed greatly in fortifying the company's business competitiveness,” LG Display said in a release.

LG Innotek's new CEO Moon Hyuk-soo

LG Innotek, a component maker 41 percent owned by LG Electronics, promoted Moon Hyuk-soo, its executive vice president, to become its new CEO Thursday.

“Moon is a prepared CEO who can lead LG Innotek’s innovation and future preparation successfully for sustainable growth,” the company explained in a release.

“Moon has an array of experience in development, business and strategy.”

Moon is a KAIST graduate with Ph.D. in chemical engineering.

The 53-year-old began working for LG Innotek in 2014. He spent most of his time leading the research and development of optical solutions.

He is acknowledged for making pivotal progress in the development of smartphone camera modules and enhancing production process by implementing AI and deep learning technology.

The latest reshuffle is seen as a generational shift for LG after its chairman, Koo Kwang-mo, took office in 2018 following his father Koo Bon-moo's death. LG Vice Chairman Kwon Young-soo, who also served as LG Energy Solution's CEO, stepped down on Wednesday. Kwon was considered the last member of Koo Bon-moo’s right-hand men remaining at LG.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]