THE WHAT? LG Group is poised to announce one of its periodic management reshuffles, according to a report published by the Korea Times.
THE DETAILS The K-beauty giant is said to be considering a change in leadership for its Household & Health Care division; current Vice Chairman and CEO Cha Suk-yong has headed up the successful unit for 16 years, with operating profit increasing for 66 consecutive quarters until Q3 2022.
THE WHY? At 70, Cha is nearing retirement age and LG Group is said to be keen to lower the average age of its executives. An industry source told the Korea Times, “It is understood that LG Group has completed its review of the leaders of its affiliates. Vice Chairman Cha has made a great contribution to LG H&H so far, but his future in the company is very unclear now.”