LG Chem has appointed 3M vice chairman and EVP, Hak Cheol Shin as new vice chairman and CEO.

It is the first time LG Chem has nominated a CEO from outside the company since its founding in 1947.

Shin started as a technical service supervisor with 3M Korea in 1984 and joined 3M Philippines in 1995 to become managing director of the branch. In 2011, he was named as 3M International Operations EVP and became the first Korean business professional to lead the 3M overseas business.

Currently, LG Chem’s business area is developing from a range of petrochemical products to materials, components and biotechnology fields such as new materials, rechargeable batteries, IT and electronic materials, and life sciences.

In addition, there has been a need for a systemised global business operating system due to the globalisation of the petrochemical business, along with expansion of overseas production and marketing of lithium-ion battery business.

“As chairman and executive vice president of 3M, Shin has gained global perspective and experience in operating global materials and components business,” said an LG Chem statement.

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“He is the right person capable of pre-emptively responding to [a] rapidly changing business environment while leading the change in corporate culture and structure.”