2023 Executive Appointments... Most Key CEOs Retained
Myeong Nohyeon and Do Seokgyu Promoted to Vice Presidents
'Owner 3rd Generation' Gu Bon-gyu President and Gu Dong-hwi Vice President Also Promoted
[Asia Economy Reporter Moon Chaeseok] LS Group announced on the 22nd that it has carried out its first executive reshuffle since Chairman Koo Ja-eun took office. The group showed meaningful moves, such as promoting two professional managers to vice chairmen, aiming to achieve both 'organizational stability' and 'performance-based management.' Notably, Koo Bon-gyu, Vice President of LS Cable & System from the owner family, was promoted to President and CEO, and Koo Dong-hwi, Executive Director of E1, was promoted to Vice President of LS ELECTRIC.
On the same day, LS Group held a board meeting and announced the executive reshuffle effective January 1 next year. The focus was on 'organizational stabilization.' Although the group is expected to achieve its best-ever performance in the first year of Chairman Koo Ja-eun's leadership, it considered the anticipated global economic downturn ahead. Accordingly, it minimized external and organizational changes and retained most CEOs of major affiliates.
Instead, since the group is expected to deliver favorable overall performance this year, it decided to implement bold personnel changes based on 'performance-based management.' The intention is to secure both stability and performance.
It is notable that two professional managers were promoted to vice chairmen. At LS Corporation, CEO Myung Noh-hyun, who leads the business, and Do Seok-gu, CEO of LS MnM (formerly LS Nikko Copper), a Dongjeon affiliate, were promoted to vice chairmen. Vice Chairman Do is tasked with transforming the world's second-largest smelting company into a global materials company. LS Group stated, "We plan to invigorate the organization by promoting professional managers to vice chairmen."
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It is also notable that among the owner family, Koo Bon-gyu of LS Cable & System was promoted to President, and Koo Dong-hwi of E1 was promoted to President of LS ELECTRIC. Vice President Koo Bon-gyu was recognized for generating business results with strong drive despite a highly uncertain management environment. Koo Dong-hwi, born in 1982 and the eldest son of Koo Ja-yeol, Chairman of the LS Board and Korea International Trade Association, is relatively young among the third generation owners but continues his 'rapid promotion.' This is interpreted as a full-scale succession training by placing the 'young blood' third-generation owners in key affiliate positions.
Another point of interest is the promotion of Ahn Won-hyung, Vice President of LS Corporation, to President and Head of the Management Support Headquarters, aiming to strengthen ESG (Environmental, Social, and Governance) management at the group level.
Additionally, to secure the group's momentum amid the economic crisis, the group is preparing for the future by recruiting and promoting internal and external experts in 'Electrification' technology, digital, and global fields.
Including Executive Director Koo Dong-hwi, three individuals were promoted to Vice President in this reshuffle: Kim Dong-hyun, Executive Director of LS ELECTRIC, and Han Sang-hoon, Executive Director of E1. Three were promoted to Executive Director: Ahn Gil-young, Managing Director of LS ELECTRIC; Kim Soo-geun, Managing Director of E1; and Jung Kyung-soo, Managing Director of GRM. Nine were promoted to Managing Director, including Hong Seok-chang, Director of LS Corporation's Miraewon, and Jang Dong-wook, Head of LS Cable & System's Special Cable Division. Eight new directors were appointed, including Jo Joo-hyun, Head Researcher of LS ELECTRIC Automation CIC Automation Solution Research Institute.
The detailed 2023 LS Group executive reshuffle by company is as follows.
◆ LS Corporation
▶ Myung Noh-hyun, CEO
▶ Ahn Won-hyung, Head of Management Support Headquarters
▶ Hong Seok-chang, Director of Miraewon
◆ LS Cable & System
▶ Koo Bon-gyu, CEO
▶ Jang Dong-wook, Head of Special Cable Division
▶ Ahn Jin-soo, Executive Director, Head of DT Strategy Headquarters, CDO, CISO
◆ LS ELECTRIC
▶ Koo Dong-hwi, Head of Vision Management [Currently at E1 New Growth Business Division → LS ELECTRIC]
▶ Kim Dong-hyun, Head of ESG, CEO
▶ Ahn Gil-young, Head of Global/SE CIC Global Business Support Headquarters, Researcher
▶ Park Woo-beom, Head of Power CIC Power Systems Division
▶ Seo Jang-cheol, Head of Future New Technology Research Institute, CTO and Head of Power CIC Power Solution Research Institute, Researcher
▶ Uh Young-guk, Head of Global/SE CIC China Business Headquarters
▶ Yoon Won-ho, Head of Power CIC Business Support Headquarters, Factory Manager of Cheongju Plant
▶ Jo Joo-hyun, Head Researcher of Automation CIC Automation Solution Research Institute
▶ Lee Sang-beom, Managing Director [Currently CEO of LS Global → LS ELECTRIC Head of ESG and Finance Division, CFO]
◆ LS MnM
▶ Do Seok-gu, CEO
▶ Yoo Sung-hwan, Head of Technology Research Institute
▶ Kim Dae-ho, Head of Purchasing and Logistics
▶ Kim Dong-hwan, Head of Technology
▶ Kim Sung-jik, CEO of PRM
◆ LS Mtron
▶ Lee Sang-min, Head of Tractor Business Division
▶ Jung Nengi, Head of Tractor Research Institute
▶ Ko Wan, Head of Tractor Operations
◆ Gaon Cable
▶ Jung Hyun, Executive Director
▶ Yeom Ju-ho, Head of Strategic Planning Division, CSO
◆ E1
▶ Han Sang-hoon, Head of Management Planning Headquarters
▶ Kim Soo-geun, Head of Domestic Sales Headquarters
◆ Yesco Holdings
▶ Lee Jung-chul, CEO of Business Division and Head of HR & PR Division, CHO
◆ LS Global
▶ Kim Hyung-min
◆ LS Cable & System Asia
▶ Kim Seung-hwan, Managing Director
◆ G&P
▶ Yang Young-hoon, Director
◆ LS EV Korea
▶ Choi Sook-ah, Executive Director
◆ LS EVC
▶ Hong Young-ho, Managing Director
◆ GRM
▶ Jung Kyung-soo, CEO
◆ Toricom
▶ Heo Ki-soo, Head of Sulfuric Nickel Business Division
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