LG Electronics today announced that significant changes are being made at the very top of the executive ladder in a bid to make the company stronger and more agile as it seeks profits in businesses beyond TV and mobile. Three representative directions will now be leading the company, president and CEO of home appliances Jo Seong-jin, president and CEO of the mobile division Juno Cho and company president and CFO David Jung will be sharing the responsibilities.
As for the current CEO and vice chairman of LG Electronics, Koo Bon-joon, he has been assigned to an unspecified leadership role at LG Corp, the parent company.
This round of major restructuring enables the three top executives to have more independence and responsibility to “facilitate rapid decision-making,” LG says in a press release, while adding that the four companies that operate under the umbrella of LG Electronics, Home Entertainment, Mobile Communications, Home Appliance & Air Solution and Vehicle Components, will now get more autonomy.
All of these appointments are effective as of December 1st, 2015. LG hopes that this will enable the company to get more mobile in each market as divisions that are poised for future growth are freed up to pursue their own path. It remains to be seen though if these changes do make a major positive impact for LG’s business in the future.
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