LG Display announced Monday the company’s incumbent chief tendered his resignation and that it has tapped a LG Chem executive as the new leader.

Han Sang-beom, current vice chairman and CEO of the panel maker, expressed his willingness to step down from the post during an emergency meeting of the board of directors for the company, which is currently suffering deficits.

The board accepted Han’s resignation and tapped Jeong Ho-young, chief operating officer of LG Chem, as the new CEO of LG Display.

Jeong had served in key posts at major LG affiliates including LG Electronics, LG Life and Healthcare, LG Display and LG Chem as a corporate financial expert. He was the chief financial officer of LG Display from 2008 to 2013.

Regarding Han’s resignation, the company explained, “The decision was accepted based on LG Group’s principles of responsible management and performance-based appointment.”

“The board respected the vice chairman’s hope for the company to overcome the current crisis by restructuring the top brass,” the company’s statement said.

Han has led LG Display since 2012, making the company the world’s top large-size liquid crystal display panel maker in terms of sales and market share.

However, due to price falls triggered by Chinese competitors in the LCD market, the company has been struggling with quarterly deficits since 2018.
In the meantime, LG Display has been seeking to shift the focus of its business portfolio from LCD to organic light-emitting diode panels, whose market share in the TV market has only just started growing.

“Han is recognized for his efforts to change the paradigm of the display industry from LCD to OLED through bold investment decisions despite hardships,” the company said.

While Han is to officially maintain the CEO title until the general shareholders meeting next March, Jeong will take office Tuesday, staring the job right away.

By Song Su-hyun (song@herladcorp.com)