LG Electronics has announced Seong-jin Jo as the new CEO of the company. Earlier, Jo was the president of LG’s home appliance and air solution units. After facing loss in its Mobile industry, Now LG Electronics Appoints new CEO to uplift its Mobile Business. To regain its market position, the company has eliminated its triple-CEO structure and moved to a Single CEO structure.
LG Electronics Appoints new CEO to Uplift its Mobile Business
He joined Goldstar in 1976. He was also the remember of the team which developed LG’s first automatic washing machine in 1980. In recognition of his valuable contributions to the development of new technologies, Korean Government awarded him the Bronze Tower Order of Industrial Service Merit in 2007.
LG said in an official statement:
“LG Electronics decided to name Jo as our new sole CEO in recognition for his charismatic decision-making in recent years to launch innovative new products, and his performance has been proven in quarterly earnings,” – LG Electronics official.
Although LG has released some extraordinary flagships, but it still decreases its profit and leads its Mobile industry to almost disaster. LG’s high tech smartphone V20 was expected to be off a strong start in the US. But unfortunately it also does not help the company to sustain its market position. Moreover, the launch of the G5 caused a 23 percent drop in mobile sales in the previous quarter. So now to revitalize its Mobile business, LG Electronics Appoints new CEO.