LG Changes Majap Chiefs

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SEOUL, SOUTH KOREA –

Young-Ha Lee has stepped down as president/CEO of LG Electronics’ digital appliance unit after seven years.

He was succeeded by Moon-bum Shin, executive VP and head of LG Home Appliances’ overseas marketing division.

The change was prompted by underperformance within the majap division, according to published reports.

LG’s global appliance volume grew 9 percent to $2.3 billion during its last quarter ended Sept. 30, while revenue outside Korea rose 17 percent, due in part to OEM business expansion in North America.

Lee joined LG in 1979 and served as head of the company’s refrigerator and conditioning compressor divisions before his promotion to managing director and corporate executive VP in 2002. He was named CEO of LG’s Digital Appliance Co. in 2004.

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