LG Chem appoints 3M executive vice president as new CEO

Lim Chang-won Reporter Posted : 2018-11-09 09:44 Updated : 2018-11-09 09:44
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[Courtesy of LG Chem]

SEOUL -- Shin Hak-cheol who served as an executive vice president at 3M, an American company operating in the fields of industry, health care and consumer goods, was appointed to head LG Chem, a major producer of petrochemical products and batteries for electric vehicles in South Korea.

It is the first time LG Chem has taken its CEO from outside since it was founded in 1947. LG Chem, a key unit of South Korea's LG Group, described Shin as a perfect manager to lead innovation and change in corporate culture while preemptively responding to a rapidly changing business environment.

Shin, 61, served as an executive vice president of international operations at 3M Company from 2011 to 2017. His appointment came amid growing competition among the producers of high-performance batteries for electric vehicles. LG Chem has battery plants in South Korea, Europe, China and North America.