LG Chem, Ltd. announced that it will appoint Shin Hak-cheol, vice chair of 3M, as new vice chairman and CEO of the company. The 61-year-old 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 eventually named as the executive vice president of 3M International Operations and became the first Korean business professional to lead 3M's overseas business.

Current LG Chem Vice Chairman and CEO Park Jin-soo will continue serving his post until the company's shareholders meeting in March.