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LG names new CEO to tap new biz opportunities
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SME Times News Bureau | 25 Nov, 2021
LG Electronics said on Thursday it promoted its chief strategy officer
to its new CEO to nurture new business opportunities and focus on
digital transformation.
The company said its current Chief
Strategy Officer Cho Joo-wan will assume the top post of the tech
company, effective from December 1.
Having joined the company in
1987, Cho has worked for the company in various positions at home and
abroad, including president of LG Canada, Australia and the United
States, reports Yonhap news agency.
In his most recent role as
the company's top strategist, he helped establish LG's Business
Incubation Center to foster new businesses opportunities through
in-house ventures as well as startup partners, and introduced new
processes, such as in-house Crowd Sourcing and CIC (Company in Company),
to unleash more innovation, the company said in a statement.
A graduate of Pusan University, he received his master's degree in business from Yonsei University in Seoul.
LG
Electronics said last month that its net profit dropped 20.4 per cent
on-year in the third quarter due to costs incurred in a recall of
General Motor's Bolt electric vehicles.
The South Korean tech
giant said in a regulatory filing that net income came to 516.5 billion
won ($440 million) in the July-September period, down from 649.2 billion
won during the same period of last year.
LG Electronics said the recall of General Motor's Bolt electric vehicles hurt its bottom line.
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