[THE INVESTOR] LG Chem said on Nov.9 that it has named a top executive of US industrial giant 3M as its new vice chairman and CEO.
Shin Hak-cheol, vice chair and executive vice president of 3M, is the “the right person” to respond to rapidly changing business environments while leading a change in corporate culture and structure, the company said citing his global perspective and experience in operating a global materials and components business.
Shin climbed the corporate ladder after joining 3M Korea as a technical service supervisor in 1984, becoming the first Korean senior executive to lead 3M’s overseas business.
“Based on his accumulated experience in a world renowned company, we expect LG Chem to take a further step forward in becoming a global innovative company,” LG Chem said in a statement.
It marked the first time that LG Chem has nominated a CEO from outside of the company since its foundation in 1947.
Shin is set to replace LG Chem Vice Chairman and CEO Park Jin-soo in March next year if approved by the company’s board.
By Song Seung-hyun and newswires (firstname.lastname@example.org)