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LG CEO Quits Over Cellphone Performance

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

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

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.