flood: LG Electronics On Thursday, it said it has elevated its chief strategic director to the new CEO to nurture new business opportunities and focus on digital transformation.
The company said the current CEO of strategy Chu Joo Wan He will take over the top position at the tech company, effective December 1.
After joining the company in 1987, Zhou has worked for the company in various positions at home and abroad, including President LG Canada, Australia and the United States, according to Yonhap News Agency.
In his most recent role as the company’s top strategist, he helped establish LG’s Business Incubation Center to foster new business opportunities through internal projects as well as startup partners, and introduced new operations, such as in-house crowd sourcing and CIC (company in company), to unlock more innovation, the company said in a statement.
He graduated from Busan University, and earned a master’s degree in business from Yonsei University in Seoul.
LG Electronics said last month that its net profit fell 20.4 percent year-on-year in the third quarter due to costs incurred in recalling GM’s Bolt electric vehicles.
The South Korean tech giant said in a regulatory filing that net income came to 516.5 billion won ($440 million) in the July-September period, down from 649.2 billion won during the same period last year.
LG Electronics said the recall of GM’s Bolt electric cars hurt bottom line results.