: LG announces new CEO Cho Joo-wan to tap new biz opportunities #IndiaNEWS #Insights LG Electronics said on Thursday it promoted its chief strategy officer to its new CEO to nurture new business opportunities

LG announces new CEO Cho Joo-wan to tap new biz opportunities #IndiaNEWS #Insights
LG Electronics said on Thursday it promoted its chief strategy officer to its new CEO to nurture new business opportunities and focus on digital transformation.

The company said its current Chief Strategy Officer Cho Joo-wan will assume the top post of the tech company, effective from December 1.

Having joined the company in 1987, Cho has worked for the company in various positions at home and abroad, including president of LG Canada, Australia, and the United States, reports Yonhap news agency.

In his most recent role as the companys top strategist, he helped establish LGs Business Incubation Center to foster new businesses opportunities through in-house ventures as well as startup partners, and introduced new processes, such as in-house Crowd Sourcing and CIC (Company in Company), to unleash more innovation, the company said in a statement.

A graduate of Pusan University, he received his masters degree in business from Yonsei University in Seoul.

LG Electronics said last month that its net profit dropped 20.4 percent on-year in the third quarter due to costs incurred in a recall of General Motors Bolt electric vehicles.

The South Korean tech giant said in a regulatory filing that net income came to 516.5 billion won (0 million) in the July-September period, down from 649.2 billion won during the same period of last year.

LG Electronics said the recall of General Motors Bolt electric vehicles hurt its bottom line.