GLENVIEW, ILL. -- Ian Woods, president/CEO of Zenith Electronics Corp., said he is planning to leave the company this fall. Woods, who has been the chief executive at Zenith since November 1999, said he is planning to return to his native Australia in mid-October.
Woods' successor will be Tokjoo (T.J.) Lee, who, since 1998, has been president of LG-IBM, a joint venture between LG Electronics, Zenith's parent, and IBM Corp. Lee will become Zenith CEO in mid-October.
Lee has more than 10 years' experience in the United States, including senior VP of sales and marketing for LG Electronics-U.S. He also served as general manager of LG Electronics-Latin America for four years.
Zenith has been a wholly owned subsidiary of LG Electronics, which has its main office in Korea, since November 1999.
"While this has been a difficult decision, I feel that this is the right time, now that Zenith's strategic direction has been defined, to bring in a new CEO to lead the implementation of our business plan," Woods, said in a letter to employees.
"Ian Woods' leadership has set the stage for the rejuvenation of Zenith," said LG Electronics CEO John Koo. Woods will work closely with Lee during the transition period, Koo said. "T.J.'s broad management expertise and extensive U.S. experience will contribute to the continued rebuilding of Zenith into a digital leader."