LG Household & Health Care Vice Chairman Cha Seok-yong Retires After 18 Years as CEO

Appointed CEO in 2005... Grew Revenue from 1 Trillion to 7 Trillion Won
Record High Performance Despite China’s THAAD Retaliation... Nicknamed ‘Cha Seok-yong Magic’
Successfully Reappointed for Seventh Term... Current Term Ends March 2025
Lee Jung-ae Named Next CEO... LG Group’s First Female President

Cha Seok-yong, Vice Chairman of LG Household & Health Care. Photo by LG Household & Health Care

[Asia Economy Reporter Moon Hyewon] Cha Seok-yong, Vice Chairman of LG Household & Health Care, who led the company for 18 years since becoming CEO in 2005, is stepping down from the front lines of management.

This move is analyzed as a voluntary retirement to pave the way for successors. With this, Vice Chairman Cha will relinquish his titles as the longest-serving and oldest CEO.

Lee Jung-ae, Executive Vice President, has been appointed as the next CEO. She is the first female president in LG Group.

Born on June 9, 1953, in Seoul, she graduated from Gyeonggi High School and went to the United States for studies. She graduated from the Accounting Department at the State University of New York and earned a master's degree in business administration from Cornell University Graduate School. She also completed law school at Indiana University.

She joined P&G in the U.S. and became the President of Korea P&G within 14 years. Known for her excellent management skills, she was recruited as CEO of Haitai Confectionery, which was under court receivership, and led the company to profitability during her three-year tenure.

On January 1, 2005, she took office as President of LG Household & Health Care and grew the company's sales from 1 trillion KRW in 2006 to 7 trillion KRW in 2019.

Since then, operating profits have increased for 60 consecutive quarters, earning the nickname "Cha Seok-yong Magic." Despite adversities such as China's THAAD retaliation, the company achieved record-high performance and secured a stable growth by diversifying its portfolio.

Thanks to this, she successfully renewed her term seven times amid annual personnel upheavals, leading LG Household & Health Care's growth. Vice Chairman Cha's term was set to expire in March 2025.

Meanwhile, the new CEO is the first female executive to come from LG Household & Health Care's regular recruitment. Starting as a new employee in 1986 in the household goods marketing department, she has served as head of the household goods division, luxury cosmetics division, and beverage division. She is highly regarded for her deep understanding of LG Household & Health Care's overall business and organization.