LG Electronics Announces Board Reorganization

LG Electronics is going to change the structure at the top to be able to react faster to changes in the market. To achieve this, the company appoints three representative directors. Under Korean law, these directors have the right to make decisions on a company-by-company basis.

This should give the various business units more clout and autonomy, the company writes in a message on its site. The various divisions are Home Entertainment, Mobile Communications, Home Appliance & Air Solution and Vehicle Components. With that, the three directors of LG Electronics are now Jo Seon-jin, Juno Cho and David Jung. Current chairman and CEO Koo Bon-joon will return to LG Electronics’ parent company, LG Corp.

Also change other top functions. For example, current global sales and marketing man Wayne Park will become chief of European Operations. His job goes to Brian Na. LG Energy Business Center also has a new president, Lee Sang-bong. In this position, Sang-bong will also supervise B2B activities, such as for the display division.

The changes may be a result of the declining sales of smartphones that the company reported at the end of July. Profits were also disappointing in the third quarter. In January, LG reported an 18 percent increase in smartphone sales in the last quarter of 2014.