Jin Moo Lee has been appointed as LG Electronics SA's new CEO, replacing Peet van Rooyen as part of a global restructuring process of the multinational group's operations.
Lee is an economics graduate and has worked for LG for more than 20 years in a variety of positions in countries such as Saudi Arabia, Dubai, Australia, Moscow and the US.
The restructuring process, announced in December, is aimed at boosting sales, driving innovation and reducing costs, according to the company.
“As part of this restructuring, LG Electronics SA will be aiming to increase sales across all business units by at least 50% over the next 12 months,” says Lee. “We will also be focusing on improving the speed and quality of our decision-making, managing down costs and improving the performance of our business units.”
The company achieved sales of R5 billion in 2010 and Lee says he wants to increase this.
LG previously said the restructuring is aligned to three main priorities. The first is to establish a business unit-centred complete operating system to ensure speed and accuracy in decision-making.
The second priority is to enhance the development of advanced technology and reinforce new business organisations with a clear eye to the future; and the third is to strengthen the company's business fundamentals by accelerating innovation.
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