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LG Electronics said on Thursday it promoted its chief strategy officer to its new CEO to nurture new business opportunities and focus on digital transformation.

The company said its current Chief Strategy Officer Cho Joo-wan will assume the top post of the tech company, effective from December 1.

Having joined the company in 1987, Cho has worked for the company in various positions at home and abroad, including president of LG Canada, Australia and the United States, reports Yonhap news agency.

In his most recent role as the company's top strategist, he helped establish LG's Business Incubation Center to foster new businesses opportunities through in-house ventures as well as startup partners, and introduced new processes, such as in-house Crowd Sourcing and CIC (Company in Company), to unleash more innovation, the company said in a statement.

A graduate of Pusan University, he received his master's degree in business from Yonsei University in Seoul.

LG Electronics said last month that its net profit dropped 20.4 per cent on-year in the third quarter due to costs incurred in a recall of General Motor's Bolt electric vehicles.

The South Korean tech giant said in a regulatory filing that net income came to 516.5 billion won ($440 million) in the July-September period, down from 649.2 billion won during the same period of last year.

LG Electronics said the recall of General Motor's Bolt electric vehicles hurt its bottom line.