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LG Display carried out its annual reshuffle and announced on Thursday, Nov. 23, that it has selected its new chief executive officer. The company appointed the 62-year-old Jeong Cheol Dong to the role.
The new LG Display CEO is currently leading LG Innotek Co., Ltd. He has been the president and chief of the electronic component manufacturer since 2019 and now he is set to move to another LG Group subsidiary. Jeong’s term at LG Innotek is set to officially start on Dec. 1, as per Korea Joongang Daily.
The New Appointee is an LG Veteran
Jeong has been working for the LG Group for 40 years and throughout his tenure, he has held various top management positions in different affiliates of the multinational conglomerate. Aside from LG Innotek and LG Display, he has served at LG Chem and the others as well.
"The appointment comes as the company seeks to gear up to handle the changing business environment, by strengthening OLED-focused businesses, coming up with differentiated technology and competitiveness in price and product quality," the OLED display panel maker said in a statement. "We seek to speed up creating special customer value and promote qualitative growth."
In any case, The Korea Herald reported that the appointment of Jeong Cheol Dong will be made official in the first quarter of 2024. This will take place at LG Innotek’s general shareholders’ meeting and board meeting in March.
Other Promotions and Appointments
Jeong Cheol Dong is replacing Jeong Ho Young as head of the LG Display. According to The Economist, the outgoing president has led the company since 2019 and he is stepping down after making the decision to retire.
“It is with a heavy heart that I am leaving without being able to translate the business structure advancement that has been promoted as a core strategy for many years into tangible results,” Jeong Ho Young told executives and employees as his retirement was announced.
On the other hand, LG Innotek promoted Moon Hyuk Soo who was the firm’s chief strategy officer, to succeed Jeong Cheol Dong. Seven other executives were also promoted during the annual company reshuffle.
Photo by: LG Display Media Center
