LG Electronics created a new global leadership structure that it says will give its four operating companies more autonomy “to respond quickly and decisively to market conditions and business-growth opportunities.”
The four companies are home entertainment, mobile communications, home appliance and air solution, and vehicle components.
The company also announced new executive appointments and said it is giving the executives “more independence and responsibility to facilitate rapid decision-making.”
Separately, the company also said it “expects high-growth areas such as automotive components, energy, IT and B2B” to “drive more of LG’s growth going forward” and complement its “ongoing leadership in televisions, mobile devices and appliances...”
As part of the changes, CFO David Jung adds a new role as corporate business administration officer overseeing overseas sales and marketing, global production, and quality management.
Jung has also been president, but EVP Lee Sang-bong, head of LG’s energy business center, will be promoted to president. He will also take on an expanded role as B2B officer overseeing all of LG’s commercial sector business, which includes professional displays, commercial air conditioning systems, and energy solutions.
Global sales and marketing officer Wayne Park will assume the new title of EVP and head of LG’s European operations, while EVP Brian Na will be responsible for LG’s overseas sales and marketing, overseeing 47 sales subsidiaries worldwide.
New representative directors of LG Electronics are Jo Seong-jin, president/CEO of home appliances and air solutions; Juno Cho, president/CEO of mobile communications; and CFO David Jung.
In its fiscal third quarter, the company’s consolidated sales fell 4.7 percent from the year-ago quarter to 14 trillion won ($12 billion), operating profit fell 37 percent to 294 billion won ($251.5 million), and net income fell 38.5 percent to $106.8 million.
All appointments are effective Dec. 1, with promotions taking effect on Jan. 1. The new organizational structure will take effect when confirmed at a general meeting of shareholders in early 2016.