South Korea: Management Role H.C. Shin is New CEO of LG Chem
With H.C. Shin’s appointment, the firm has selected a professional from outside the company for the maiden time. Shin earlier held the post of Vice Chair and Executive Vice President of 3M.
Seoul/South Korea – LG Chem recently announced that it will appoint H.C. Shin (Hak Cheol), a 61-year-old Vice Chair and Executive Vice President of 3M, as the new Vice Chairman & CEO of LG Chem. It is the first time LG Chem has nominated a CEO from outside the company since its founding in 1947.
Shin began as a technical service supervisor with 3M Korea in 1984 and joined 3M Philippines in 1995 to become a managing director of the branch. In 2011, he was eventually named as the executive vice president of 3M International Operations and became the first Korean business professional to lead the 3M business overseas.
Currently, LG Chem's business area is developing from a wide range of petrochemical products to high-tech materials, components and biotechnology fields such as new materials, rechargeable batteries, IT & electronic materials, and life sciences.
In addition, there has been a need for a sophisticated and systemised global business operating system due to globalisation of the petrochemical business. Cash cow of the chemical company along with the rapid expansion of overseas production and marketing of lithium-ion battery business are some of the other aspects.