Seoul, South Korea - Nam Yong, CEO of LG Electronics, stepped down earlier today to take responsibility for its losses in the cellphone business.
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.
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.