Top Story Auto News: LG New Energy announced at its year-end senior management restructuring meeting on November 22 that it has appointed former head of the company’s advanced automotive battery department, Kim Dong-ming, as the new CEO. Current CEO Kwon Young-soo has voluntarily decided to step down from the position.
Source of the image: LG New Energy Many believe that this decision to change leadership was driven by LG Group Chairman Koo Kwang-mo, the new leader who is 54 years old, 12 years younger than Kwon Young-soo. Kwon Young-soo’s retirement became the headline news in the Korean tech industry, as he made significant contributions to elevating Korea’s position in the global battery industry. He joined LG Electronics in 1979 and worked for 44 years at the main affiliate companies of LG Group. In November 2021, he became the head of LG Group’s battery division, leading the division to go public independently and successfully making it the second-largest company in Korea by market value. Kwon Young-soo has served as CEO of major LG Group affiliate companies, including the battery, display, and telecommunications companies. Under his leadership, LG New Energy signed major contracts with global automakers such as General Motors and Hyundai. “When I was working at LG Group, my only goal was to become the best in the world,” Kwon Young-soo said. “Next year, the global battery industry will reach a crucial turning point, so LG New Energy needs a young and new leadership to make flexible decisions in the fierce market competition.” The incoming CEO, Kim Dong-ming, is a highly acclaimed battery expert who has held important positions in multiple battery departments within the company. Since 2014, he has demonstrated outstanding leadership in the mobile travel and automotive battery departments. “Given his extensive experience in various areas of the battery industry, it is expected that he will play a strong leadership role in consolidating the company’s position as the world’s top battery manufacturer,” a company spokesperson said. LG Chem also held a board meeting that day, but decided not to replace the current CEO, allowing LG Chem Vice Chairman and CEO Shin Hak-cheol to continue in his position until March 2025. Shin Hak-cheol assumed the top management position at LG Chem in 2019 and is currently serving his second term.