LG Electronics India (LGEIL) managing director KR Kim, credited with the success of the India operations of the Korean chaebol is moving to Bangkok as head of the Asia-Pacific region after almost a 10-year stint. LG India deputy MD, Moon B Shin will succeed him from January 1, 2007.
As part of the growing importance of India in the global LG scheme of things, Mr Shin will report directly to Korea. India, will now form the core of the South West Asia division. This puts to rest speculations on Mr Kim's new assignment, as reported earlier by ET.
Recently, Mr Kim, regarded as one of the top five executives of the Korean chaebol's electronics arm, was assigned with the additional charge of South East Asia and Australia. He was then also made responsible for operations in Asia and Australia except Japan, Taiwan and China.
Mr Kim joined the Korean chaebol in 1997 as MD and since then played a significant role in establishing the company's numero uno position in the durables market.
He has been at the forefront of LG's positioning as a brand with competitive pricing, focus on technology, aggressive sales and marketing and an enviable distribution network, which led to the growth of the brand in the past decade.
However, with rising competition coming in the form of another Korean chaebol, Samsung, LG has recently lowered its initial revenue target of Rs 9,000 crore for this year.
This change of guard in India is part of a major global shake-up in LG, wherein, Yong Nam has been appointed as the new vice-chairman and CEO of LG Electronics.
Other top management appointments at LG Electronics include appointments of two CEOs and a CFO (head of Korea sales & marketing operation). Besides, this also includes appointment of 30 other executives.
LG Electronics, is a global leader in consumer electronics, home appliances and mobile communications with 80 subsidiaries around the world. The consumer durable major has four business units - Mobile Communications, Digital Appliance, Digital Display and Digital Media with global sales at $34.7 billion (consolidated $43.4 billion) as of 2005.