LG Electronics (LG) has announced the appointment of William Cho, its Chief Strategy Officer, as the company’s new Chief Executive Officer effective December 1.
Mr. Cho ascends to the helm of the global consumer electronics giant at a time it is re-aligning its business portfolio to accelerate growth and innovation in key areas, focusing on customer value in pursuit and giving greater responsibility to each business unit.
As LG’s top strategist since 2019, Mr. Cho was responsible for establishing LG’s Business Incubation Center and fostering new businesses opportunities through in-house ventures as well as partnering with start ups. He has also previously served as president of LG North America and Australia.
A graduate of Pusan University, Mr. Cho who also has a Masters degree in business from Yonsei University in Seoul, and also worked at Goldstar, will also oversee the new customer service strategy LG is banking on to grow sales across its product portfolio.
LG has also unveiled top-level changes in its C-suite with the appointment of Kim Byoung-hoon as Chief Technology Officer. Currently serving as the head of the Future Technology Center, Dr. Kim has been promoted to executive vice president and will simultaneously assume the position of Chief Technology Officer as well as the new Information and Communication Technology leadership role.
Other notable changes include the appointment of Jang Ik-hwan, a 31-year veteran of LG, who now becomes Executive Vice President in charge of LG Business Solutions Company after successfully growing the IT business portfolio to make LG one of the fastest-growing brands in the notebook, laptop and monitor business.
Senior Vice President Eun Seok-hyun has been tapped to lead the Vehicle Component Solutions Company as its third and newest president. Mr. Eun was previously responsible for growing the smart business division under the same company.
In the latest changes, LG will reorganize its Customer Satisfaction Management Center into the new Customer Value Innovation Office with oversight by the CSO. The role of the CVIO will be to more effectively identify and incorporate customer feedback and pain points into the product planning, development and sales processes. In addition, the Customer Experience Innovation Department under the Home Appliances and Home Entertainment Companies will be upgraded to Customer Experience Innovation Division.
Also, to unlock potential growth engines and expedite future innovations, the M&A department under the umbrella of the Chief Strategy Office will be elevated to division level for more resources. Similarly, to sharpen its focus on future trends and customer needs, LG’s Life Soft Research (LSR) department will be promoted to Life Soft Research Lab to increase its influence within the Design Management Center.
LG Electronics is also speeding up its digital transformation process to revamp the customer experience. This will also involve elevating the AI Big Data department to division level under the new Chief Data Office (CDO). All appointments are effective December 1 while promotions take effect on January 1, 2022.