Kwon Young-soo, Who Led LG Battery to No.1, to Lead the Company as Ensol CEO

LG Energy Solution Appoints Vice Chairman Kwon Young-soo as CEO
Challenges Include Stabilizing Joint Factory, Recall Follow-up, and Supply Stability
"A Key Battery Business Transition Reflecting Koo Kwang-mo's Will"

Kwon Young-soo, LG Vice Chairman, appointed as the new CEO of LG Energy Solution

[Asia Economy Reporter Choi Dae-yeol] Kwon Young-soo, Vice Chairman of LG Corporation, has been appointed as the new CEO of LG Energy Solution. Having served as president of major LG Group affiliates since the mid-2000s, Vice Chairman Kwon is recognized as the key figure who expanded LG Chem’s battery business division over a decade ago. He has taken on the critical responsibility of maintaining a leading position and fending off latecomer competitors in the increasingly fierce domestic and international battery market. This is a targeted personnel move reflecting the intentions of LG Chairman Koo Kwang-mo.

LG Energy Solution announced on the 25th that its board of directors decided to hold an extraordinary general meeting of shareholders on the 1st of next month to appoint Vice Chairman Kwon as the new CEO. Following shareholder approval and board confirmation, Kwon will immediately begin his role as Vice Chairman and CEO of LG Energy Solution.

LG Energy Solution, a battery business subsidiary spun off from LG Chem, is one of the largest in scale, competing closely with China’s CATL in terms of electric vehicle battery usage and order backlog. The company currently faces numerous internal and external challenges due to recent continuous business expansions.

The company stated, "We must establish four consecutive large-scale joint ventures and factories for electric vehicle batteries with leading global automakers such as Hyundai Motor, General Motors (GM), and Stellantis," adding, "This is a crucial time to smoothly supply orders worth approximately 200 trillion won with top-tier competitiveness."

Former LG Chairman Koo Bon-moo (second from left) and key LG Group executives, including Kwon Young-soo, then President of LG Display (right), are examining the developed products.

Following the recent recall decision made jointly with GM, subsequent measures must also be smoothly completed. The company’s board explained, "At this critical business turning point, there was consensus that the new CEO must serve as a unifying figure for members, further solidify global market dominance at the highest level, and provide trust to customers and the market. Therefore, we decided to appoint Vice Chairman Kwon as the new leadership."

Kwon Young-soo joined LG Electronics (formerly Geumseongsa) in 1979, served as president of the company’s finance division in 2006, and from the following year held positions including CEO of LG Display. At LG Chem, he was appointed head of the battery business division in 2012. During his tenure, he secured orders from global automakers such as Audi and Daimler, doubling the number of battery clients from about 10 to over 20 within two years of his appointment. It was at this time that LG rose to become the global number one in mid-to-large size batteries used in electric vehicles.

After being promoted during the tenure of former Chairman Koo Bon-moo, he also served as Chief Operating Officer (COO) of the holding company LG Corporation under the current Chairman Koo Kwang-mo. Among the three vice chairmen of LG Group (Cha Seok-yong, Shin Hak-cheol), he is the only one regarded as a true LG insider. The company evaluated, "As the battery business, a key core business of the group, is rapidly growing, and as a global leading player, it is essential to widen the gap with competitors such as those in China and proactively prepare for the future. This appointment reflects Chairman Koo Kwang-mo’s will and trust to select the most reliable executive."