LG Chem (Seoul), South Korea’s largest chemical company by revenue, today announced the appointment of Hak Cheol Shin, 61, as vice chairman and CEO. He is currently the vice chairman and executive vice president of 3M and will replace the current LG Chem chairman and CEO Park Jin-soo in March next year. This is the first time that LG Chem has nominated a CEO from outside the company since its founding in 1947.
Shin began as a technical service supervisor with 3M Korea in 1984 and joined 3M Philippines in 1995 to become a managing director of the branch. In 2011, he was named executive vice president 3M international operations and became the first Korean professional to lead the 3M overseas business.
The appointment is in line with LG Chem’s changing businesses focus. The company is diversifying from the manufacture of a wide range of petrochemicals to include high-tech materials, components and biotechnology in fields that include new materials, rechargeable batteries, IT & electronic materials, and life sciences. LG Chem says that Shin, working for 3M has gained the right experience to help the company in its diversification strategy and lead a change in corporate culture and structure.
By Natasha Alperowicz
Source: Chemical Week
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