LG Electronics CEO Nam Yong was chosen as business leader of the year by 100 Korean analysts.
According to a survey conducted by The New Management, a monthly economic publication, Nam was credited with leading a profit turnaround after taking office as CEO of LG Electronics in January 2007.
LG Electronics reported 843.7 billion won (approx. US$668 million) of operating profits based on sales of 36.7 trillion won in 2006, but operating profits reached 1.2 trillion won and sales rose to 40.8 trillion won in 2007 under Nam’s leadership.
Analysts also touted Nam’s global mind-set. He often says LG Electronics should be fully globalized because more than 85% of its sales are overseas. About 50,000 of LG’s 80,000 employees also work abroad.
LG Electronics currently has five foreign executives at its headquarters in Yeouido, central Seoul.
Nam’s consumer policies helped LG become the world’s No.1 air-conditioner seller, and compete with top handset makers such as Nokia and Samsung Electronics in world markets.
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