LG appoints William Cho as its new CEO with a strategy to establish the company's Business Incubation Center and fostering new businesses opportunities in the form of in-house ventures as well as startup partners during his six-year tenure as president of LG North America. He has served in various positions including roles as president of LG Canada, Australia and the United States.

Other leadership changes include the appointment of Kim Byoung-hoon, presently he is serving as the head of the Future Technology Center, as the new Chief Technology Officer (CTO). Dr Kim is being promoted to executive vice president and will simultaneously assume the roles of CTO as well as the new Information and Communication Technology leadership position.

SVP Jang Ik-hwan will assume the role of EVP at the Business Solutions Company. The 31-year LG veteran will assume the top position after successfully growing the IT business portfolio to make LG one of the fastest-growing brands in the notebook, laptop and monitor business.

LG has tapped SVP Eun Seok-hyun has been tapped to lead the Vehicle component Solutions Company as its third and newest president. He was previously responsible for growing the smart business division under the same company.

LG states that its new leadership team will focus more on customer value in pursuit of growth with each business unit assuming greater responsibility. The company will reorganize its Customer Satisfaction Management Center into the new Customer Value Innovation Office (CVIO) with oversight by the CSO to more effectively identify and incorporate customer feedback and pain points into the product planning, development and sales processes.

The company also eyes to upgrade the Customer Experience Innovation Department under the Home Appliances and Home Entertainment Companies to the Customer Experience Innovation Division Also, elevation of M&A department under the umbrella of the Chief Strategy Office to division level promotion of LG's Life Soft Research (LSR) department to Life Soft Research Lab.