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LG Household & Health Care announced it has appointed a new chief executive officer after Cha Suk Yong stepped down. It was reported that the outgoing CEO is vacating his post after 18 years in the company.
As per The Korea Times, the poor performance of LG H&H is one of the reasons for Cha’s departure. He led the health and household arm of LG Group for a long time and decided it was time for him to make his exit and give way to the younger generation of leaders.
Then again, despite Cha’s statements, the change in leadership, which was confirmed by the company on Thursday, Nov. 24, was interpreted with other meanings. Business observers said that the reshuffle is actually LG H&H’s attempt to recover and get back on track. The company is experiencing slow down in sales right now, so a new leader could be an opportunity to take a leap forward again.
LG Household & Health Care said it has assigned Lee Jung Ae to replace Cha Suk Yong. Prior to the promotion, she has been serving as the company’s senior vice president and the beverage business unit’s head. Lee has become the first-ever female CEO of the firm.
The new chief joined LG H&H in 1986 and led the household goods, cosmetics, and beverage divisions as she slowly goes up in the executive ranking. Since she has been with the company for years, so it is clear that Lee has a high understanding of LG H&H’s business and organization as a whole thus, she is prepared to be the new CEO.
"LG's executive reshuffle for 2023 is focused on designing the future by deploying talented professionals with potential and expertise as new executives to lead LG's future," the LG Group stated regarding the executive revamp. "LG has thoroughly chosen new executives from the perspective of future competitiveness, ranging from R&D and customer experience, as well as production, purchase, supply chain management and quality/safety."
Yonhap News Agency reported that Lee Jung Ae would officially take over LG H&H on Dec. 1. It was not mentioned if Cha Suk Yong is staying in the company for another role or if he will retire already.
