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Nam Yong of LG Electronics Stepped Down as Chief

Written by: Maggie Huffington on 19th September 2010 |

Nam Yong of LG Electronics Stepped Down as Chief | read this item

Upon hearing the brand LG Electronics, the very first thing that would be come into our minds would be appliances, Television sets and most of all awesome mobile phones. The company has been commended for being the world’s second-largest manufacturer of Television sets and third-largest producer of mobile phones. These electronic devices has been the line of expertise of LG Electronics but sad to say that was years ago. The company’s market share fell to 10% in the second quarter from 11% a year ago.

Due to above incidents, former chief Nam Yong stepped down from his office “to take responsibility for the flagging performance” as what has been said by LG group. He would be replaced by Koo Bon-joon, the brother of the chairman of parent company LG Group. the chief executive of LG International Co., a trading firm and previously was an executive of LG Display Co., a manufacturer of liquid crystal displays.

The company appointed Mr. Koo earlier this year to give him ample time to prepare for next year’s projects. The company has been left behind by rivals Apple and Research in Motion Inc. when it comes to the industry of mobile phones. Both companies has been acquiring lots of income these past few days for their sleekest phones.

The change in the management of LG Electronics is similar to what has happened to Nokia lately. They also changed their Finn chief by a Canadian one. The electronic giants are expected to present something new to the public along with the changes that they made in their managements.

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Topics: Electronics, LG