LG Chem Ltd., South Korea's top chemicals firm, said Friday that it has named a top executive of U.S. industrial giant 3M Co. as its new vice chairman and CEO.
LG Chem said H.C. (Hak Cheol) Shin, a 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, citing his global perspective and experience in operating a global materials and components business.
Shin climbed the corporate ladder to a top post after joining 3M Korea as a technical service supervisor in 1984, becoming the first South 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.
LG Chem makes a wide variety of products, ranging from petrochemical goods to plastics, rechargeable batteries, electronic materials and drugs and vaccines.
Currently, LG Chem is a key supplier of electric vehicle batteries to U.S. auto giant General Motors Co., Volvo and Renault, as well as South Korea's largest carmaker Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. (Yonhap)