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LG Electronics' net profit plummeted by more than 30% in the third quarter

via:博客园     time:2019/11/29 10:30:37     readed:692

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Jo Seong Jin, former CEO of LG Electronics

Tencent technology news, Nov. 29, according to foreign media reports, South Korean home appliance giant LG Electronics on Thursday replaced its chief executive officer and a number of executives, after the company's third quarter net profit plummeted more than 30%, its smartphone sector is also in trouble. LG Electronics is the second largest electronics company in South Korea after Samsung, which produces a variety of products, including mobile phones, TVs, air conditioners, washing machines and refrigerators.

In March 2018, Qiao Shengjin's term as vice chairman was extended for three years, but LG Electronics said Thursday that Brian Kwon, 56, head of LG's mobile devices and TV business, would replace him as CEO, with the appointment effective Sunday. At the same time, LG Electronics also replaced its chief financial officer, set up a new position of Chief Strategic Officer, and replaced the president of home entertainment and mobile communications.

Brian Kwon was the head of LG's TV business until another reshuffle in 2018, when he was named LG's beleaguered head of mobile business. Now he's at the top of the company, and his previous positions will be filled by park Hyoung SEI (president of home entertainment) and Morris Lee (president of mobile communications).

In the past few years, LG has more than once restructured its management and replaced the head of its mobile business. As early as 2017, the company appointed Hwang Jeong Hwan as president of the mobile division, trying to make the division more competitive until he was replaced by Brian Kwon.

Led by Brian Kwon, LG's mobile business narrowed its losses in the third quarter of 2019. While Morris Lee is now looking for ways to make the division profitable, LG says it plans to focus on businesses with strong potential, such as smart home products, in the future. (reviewed by Tencent technology / Jinlu)

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