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LG Display appoints new CEO amid worsening profits

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By Jun Ji-hye

LG Display appointed LG Chem President and Chief Operating Officer Jeong Ho-young, as its new CEO as incumbent CEO and Vice Chairman Han Sang-beom had expressed his intention to resign to assume the responsibility for the company's deteriorating performance, the company said Monday.

Jeong Ho-young
Jeong Ho-young
The decision was made at an emergency meeting of the board earlier in the day.

"Jeong will go through due formalities to be officially appointed as CEO at the general meeting of stockholders and the meeting of the board of directors scheduled for March next year," an LG Display official said.

The board of directors accepted Han's intention to resign to respect his wishes to freshen up the atmosphere within the company and overcome the crisis with a new leader, the company said.

Following the decision of the board, Han will take a step back from management immediately, but will maintain his job as chief executive until March. Specific plans for his future are unknown.

Having served as CEO of the display maker for the past eight years, Han made profits for 23 consecutive quarters from the second quarter of 2012 to the fourth quarter of 2017.

He also devoted himself to LG Display's reorganization of the failing liquid crystal display (LCD) business and shifting focus to organic light-emitting diodes (OLED).

But the company has recently faced difficulties and falling profits amid an industry slump resulting from intensifying competition with Chinese rivals.

Jeong has accumulated broad experience at LG affiliates, having served in various key positions, including as a chief financial officer and chief operating officer.

He was a chief financial officer at LG Display for six years from 2008.


Jun Ji-hye jjh@koreatimes.co.kr


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