South Korean electronics giant LG has replaced its CEO and a host of other top executives on Thursday after losses. Net profits slumped more than 30 percent in the third quarter and its smartphone division struggles.
CEO, Jo Seong-jin is termed a “washing machine genius”. Appointed in December 2016, he is respected in South Korea for his achievements without a college degree.
The company is South Korea’s leader in electronics after Samsung, producing a range of products, from televisions to home appliances including air conditioners, washers, refrigerators, and mobile phones. However, he struggled to turn around the failing smartphone division, last month announced its 18th consecutive quarter of losses.
As a whole LG Electronics’ net profits plummeted 30.5 percent in the July-September period from a year earlier.
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Replaces Chief Financial Officer
Jo’s term as vice-chairman was extended for three years in March 2018. However, LG said on Thursday that Brian Kwon will replace Jo as CEO, with effect from Sunday.
It also changed its Chief Financial Officer and created a new post of Chief Strategy Officer, also changing the presidents of its home entertainment and mobile communications units.
“We have judged we need a fast decision-making process rather than stick with management style drawn from past successes,” the company said in a statement.
Insisting the change is amicable, LG says Jo had resigned and released a picture of him and his successor smiling and hugging each other.
Kwon, a graduate of top Seoul National University with a major in industrial engineering, has been with the firm for 32 years and has experiences and skills in areas including big data, artificial intelligence, and cloud technologies, the company said.
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