Achievement in Securing Core Materials and Components Technology, Strengthening National Industrial Competitiveness
Chul-dong Jeong, President of LG Innotek, received the highest honor, the Gold Tower Industrial Medal, at the '50th Commerce Day' ceremony hosted by the Korea Chamber of Commerce and Industry on the 15th.
'Commerce Day' is a statutory commemorative day established in 1964 to encourage the efforts of businesspeople who have contributed to national economic development and local communities, and to promote commerce and industry. The 'Gold Tower Industrial Medal' is awarded to representatives of companies that have demonstrated outstanding achievements in increasing exports, localization of materials, parts, and equipment, and building a win-win growth ecosystem, thereby contributing to economic development.
President Jeong was selected as an awardee this year in recognition of his contributions over 38 years, including ▲securing core technologies in the materials and parts industry ▲developing new technologies ▲innovating processes and localizing equipment, which strengthened the national industrial competitiveness.
On the afternoon of the 15th, at the Korea Chamber of Commerce and Industry in Seoul, Jung Cheol-dong, President of LG Innotek (right), who received the Gold Tower Order of Industrial Service Merit, and Lee Chang-yang, Minister of Trade, Industry and Energy (left), are taking a commemorative photo at the ceremony celebrating the 50th Commerce Day. Photo by LG Innotek
President Jeong is recognized in the industry as a specialized executive in materials and parts, combining extensive B2B business experience with insight into the IT sector. He joined LG Semiconductor in 1984 and led meaningful achievements through innovation while working at major LG affiliates such as LG Display, LG Chem, and LG Innotek.
Since his appointment as President of LG Innotek in 2018, he boldly restructured low-growth businesses and advanced the business structure to lay the foundation for qualitative growth. Even amid stagnant demand in the upstream materials and parts industries and intensified competition with global companies, he focused on reorganizing the business structure toward high value-added areas.
As a result, LG Innotek recorded sales of KRW 19.58 trillion last year (a 31.07% increase from the previous year) and an operating profit of KRW 1.27 trillion (a 0.6% increase from the previous year), achieving record-breaking business performance for four consecutive years since 2019.
President Jeong has also continued bold investments to advance the business. Over the past four years, he invested KRW 3.2 trillion in new facilities, solidifying the company’s market-leading position while contributing to job creation and the national economy.
President Jeong said, "This award is the result of our employees doing their best in their respective roles to create differentiated customer value," adding, "LG Innotek will continue to contribute to enhancing national competitiveness through ongoing technological innovation."
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