Days after launching a new range of Android based Smartphones in Australia the head of LG’s struggling mobile division has stepped down due to big losses and a failure to “get traction” in the market up against arch rival Samsung.
Days after launching a new range of Android based Smartphones in Australia the head of LG’s struggling mobile division has stepped down due to big losses and a failure to “get traction” in the market up against arch rival Samsung.
Nam Yong, CEO of LG Electronics quit the Company on Friday after 3 years in the job. During that period LG mobile share fell 30%.
At an event in Sydney last week said that they aimed to become the #1 consumer electronics Company in Australia and that Smartphones was a critical product in their fight to take marketshare away from Samsung who are currently investing millions in an effort to become the #1 mobile phone supplier in Australia up against a struggling Nokia, HTC and Apple.
LG reportedly said in a statement that its board accepted Nam Yong’s resignation and appointed Koo Bon-Joon, vice chairman of LG International, as his successor. Koo will assume his new role next month.
Nam Yong was appointed chief executive of LG Electronics in 2007.
Koo has served as executive officer at many subsidiaries of the LG Group, which is headed by his brother Koo Bon-Moo. Both are members of the group’s founding family.
In its fiscal second quarter, LG reported handset sales were down 30.8 percent year to year, for a 120 billion won loss, and it reported an overall net profit decline of 33 percent in the quarter compared with last year.
