Jo Seong-jin, LG Electronics' home appliance boss, has been promoted to vice chairman and CEO of the company, as announced in its annual reshuffle.
Juno Cho, head of the firm's mobile division, kept his post, as did bosses of its TV and auto component businesses. Cho has likely been given a second chance to rebound the business despite its continuing failure to return to the black.
A total of 58 executives were promoted, LG Electronics' largest amount in 12 years, and considerably higher than last year's 38.
Jo is the first high school graduate to become vice chairman of LG Group and has been an "LG man" since 1976.
He is credited with successfully promoting LG Signature, its premium home appliance brand, to earn higher margins.