LG Electronics Vice Chairman Jo Seong-jin reappointed by the board

Jo Seong-jin, vice chairman and chief executive of South Korea’s tech giant LG Electronics Inc. has been reappointed for a second term on Friday, giving him three more years to solidify the company’s presence in the global premium home appliance market.

According to LG Electronics, the board of directors decided to keep Jo as its chief after he was reappointed as inside director at a shareholders meeting on Friday. Jo became a managing director in 2016 and has since been commanding the tech company that makes smartphones to white goods.

Jo, 62, joined Goldstar Co., former LG Electronics, in 1976 after graduating Yongsan Technical High School. He spent 40 years in the company’s home appliance division, later serving as vice president of washing machines unit and president of home appliances division.

Jo - the first high-school graduate to take the vice chairman post at LG Electronics with no bachelor’s degree - is dubbed as Dr. Washing Machine. He is known for his hard work as an engineer who played an important role in developing many innovative technologies including direct drive motor for washing machines in 1998. In prior to the development, the Korean company had to rely on Japanese technology.

The latest vote of confidence follows LG Electronics increased profit last year thanks to lucrative high-end white goods. Last year, LG Electronics’ sales surpassed 60 trillion won ($56.1 billion) for the first time and raised the biggest operating income since 2009 despite struggling mobile phone division.

This year, Jo is expected to focus on solidifying LG Electronics’ presence in the global premium home appliance market. At a press conference on the sidelines of the Consumer Electronics Show held in Las Vegas, the United States, in January, Jo said that the company will focus on establishing a “virtuous cycle structure of profitability, growth, and market dominance.”

LG Electronics, meanwhile, also said on Friday that it will pay a dividend of 400 won per common share. Shares of LG Electronics ended at 110,500 won on Friday, down 0.45 percent or 500 won from the previous session.

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