LG Electronics has announced major top-level executive changes designed to make the company stronger and more nimble. It'll now be led by three representative directors: Jo Seong-jin, president and CEO of the home appliances division; Juno Cho, president and CEO of the mobile business; and David Jung, overall president and CFO.
With this decision, these three executives will now have "more independence and responsibility to facilitate rapid decision-making," and LG Electronics's four companies will also gain greater autonomy, according to the firm. The present CEO and vice chairman of LG Electronics, Koo Bon-joon, is going to an unspecified leadership role at the LG Corp parent company.
LG's mobile division has been performing poorly of late, but TV and appliance sales have improved the company's bottom line. By giving further control to the executives in charge of mobile and appliances, LG hopes to gain more mobility in each segment while freeing up other divisions that are primed for future growth. Vehicle Components, for example, is one of LG's four main subsidiaries and an area that the company has earmarked as an important source of business in the future.