SNUbiz News
A Leader in the Global Battery Industry, a Conversation with Young Soo Kwon, Executive Advisor of LG Energy Solution
Introduction: Graduating from Seoul National University's College of Business Administration and the graduate program at KAIST's Department of Industrial Engineering, alumnus Young Soo Kwon (CBA ‘75, Master’s ‘79) has held positions including the CFO and Head of the Finance and Economy Division at LG Electronics, CEO of LG Display, Director of the Battery Industry Division at LG Chem, CEO and Vice Chairman of LG COO, and from 2021 to 2024, CEO and Vice Chairman of LG Energy Solution. Kwon, a recipient of the Order of Industrial Service Merit Gold Tower and the Dasan Business Award in the Professional CEO category, was also inducted into the Korean Business Hall of Fame. He currently serves as the executive advisor of LG Solution.
1. You have been leading major subsidiaries in LG Corp. Can you briefly walk us through your career path?
My career started at LG Electronics and continued throughout six corporations: LG Display, LG Chem, LG Uplus, LG Corp, and LG Energy Solution. Finally, I also had the opportunity to contribute to the future of Korea's battery industry as the seventh President of the Korea Battery Industry Association.
As of now, I am a member of the KAIST One Club (KOC), a society of KAIST alumni dedicated to building an entrepreneurship ecosystem, where I mentor new entrepreneurs and support venture companies in their growth. Recently, I founded an investment firm called “New Wave One” to explore new opportunities.
2. What inspired you to enter the Seoul National University College of Business Administration? Can you share any memorable experiences or activities as a university student?
I entered this university in 1975, when the societal mood was dominated by the national desire to “live prosperously.” I believed that for national development, companies should achieve growth, and that increasing the number of good companies would boost employment and tax revenue, which, in turn, would strengthen the country. After reaching that conclusion, I decided that being part of corporate activities would be the most meaningful path for me, and chose to study business administration.
My most memorable experience as a university student would be taking the “military training” course, which was compulsory for all male students. Unfortunately, I received an F in this course and was in a situation where I had to serve in the military six months longer than other students. However, this event actually became an opportunity for me to explore new directions in life. In the end, I decided to apply to KAIST due to issues related to my military service, where I also completed a master’s program. Looking back, that experience of failing the course was a blessing in disguise that opened a new career path for me.
2.1. Would you then call that experience a critical turning point in your life?
Yes. At that time, KAIST did not offer a business administration major, so I enrolled in the Department of Industrial Engineering, which is more science-focused. Because I came from a humanities and social sciences background and began receiving scientific training, I was able to develop both perspectives. Getting an F for Military Training led to a massive crisis in my life, but thanks to it, I discovered a new pathway―KAIST―that became a turning point for me. In retrospect, the crisis actually led the way to a new opportunity.
The most memorable encounter in my life was meeting the late Chairman Koo Bon-moo. He was my boss when I was just starting at the company, and my experience working with him changed my attitude towards life as well as my career.
Another turning point was the IMF financial crisis in 1999. When the entire country was in turmoil and the company was on the brink of survival, I was given the critical task of selling a company within the group. All the negotiations were finalized, and we were very close to signing the contract, when the other company unexpectedly and unilaterally notified us that it would reduce the contracted amount by one-fourth. There was little room for negotiation because the deal had already been disclosed to the media. I cannot describe the shock I felt then, but I tried not to give up and worked hard to find a solution. In the end, I stayed up all night to write a lengthy letter explaining how it would be difficult to work on a partnership without trust and sincerity.
Fortunately, I was able to recover a portion of the money. That experience convinced me that “nothing is impossible,” and made me realize that there is a light even in the darkest hours. That event also prompted me to grow further and motivated me to actively tackle any challenges before me.
4. Based on your experience leading LG Energy Solution, what are your thoughts on the future of the battery and alternative energy industries?
Batteries will play a crucial role in the industrial landscape. However, China now leads the global market by intensively fostering domestic companies within strong protective barriers. Now that we have been seconded by China in many industries, including steel, petrochemicals, and domestic appliances, fierce competition for batteries is inevitable. If I borrow the analogy of the tortoise and the hare, China is the hare, and we are the tortoise. Nevertheless, just as the tortoise can ultimately win the race, I believe we can achieve a breakthrough with concerted effort.
Electricity demand has also grown exponentially due to the rapid development of AI. Since batteries are essential for storing the increased electricity, the potential for the energy industry is limitless. At the same time, many threats await, so we must be vigilant and plan carefully. As the executive advisor, I regularly exchange opinions with the top executives of LG Energy Solution and advise them on industry trends.
5. I understand the company you recently launched, “New Wave One,” not only invests but also supports startups by providing management consulting and fostering network connections. What is your philosophy behind this?
My ultimate goal in life is to help make South Korea become a more prosperous country. Corporate growth is central to this mission. While large corporations already have systems in place and have talented personnel, startup companies face challenges in growing, even with excellent technology. Most startup founders are engineers, so while they may have outstanding technology, they often experience difficulties raising capital, marketing, strategy, and production. I want to play a role in filling in their gaps. If a company has great technology, I can introduce them to investors, help them develop strategies, and, when needed, introduce new personnel and networks. My aim is to support these companies so their technologies can turn into successful businesses and help them become global players.
My criteria for making investment decisions are simple: I base my choices on a thorough evaluation of technological excellence, market significance, competition, and customer feedback. I draw on my experience reviewing the feasibility of numerous projects and making decisions, and I apply this know-how to startups. I believe that when good technology is connected to good business, it will serve as a foundation for further growth of the Korean economy.
6. I understand that you have been the President of the SNU College of Commerce Alumni Association and have made considerable donations throughout the decade. Can you tell us about the meaning behind your alumni activities and donations?
Alumni associations serve as a community that supports SNU graduates and students in achieving greater growth and success. For graduates, networking with fellow alumni provides opportunities to connect and collaborate for future development. On the other hand, for current students, it is vital to create an environment that allows them to concentrate on their studies. Scholarships are particularly helpful for students who need to work part-time or face financial difficulties that make it difficult to focus on their studies.
I believe scholarships do more than just provide stipends for students; they serve as foundations from which students equip themselves with knowledge and strength to succeed as members of society in the future. I remember meeting one person who gave scholarships to students who excel academically and enjoy hiking, which is a testament to the philosophy that one’s physical strength and confidence can also be great assets for success. I also believe in the value of such diverse approaches. Such donations and alumni activities ultimately come from a desire to help juniors grow into greater talents, and, additionally, to contribute to the development of our society as a whole.
7. Based on your extensive experience working at large corporations and closely observing new industries and startups, what advice or message would you most like to share with the students preparing for the future?
I believe students who have studied at SNU generally possess outstanding abilities. In the past, our capabilities were often correlated with success. However, since today's world has become much more complex and our tasks are much more challenging, we can no longer achieve results based solely on individual skills. These days, how well you can receive support from those around you has become more important.
People are willing to help others either voluntarily or just as a gesture, depending on how they have lived their lives. Therefore, I want to emphasize the importance of not only developing and sharpening your skills but also performing many good deeds in your everyday life. If you build trust and goodwill this way, others will genuinely want to help you in critical moments. Ultimately, your chances of success depend not only on your personal abilities but also on how well you can inspire others to help you.
