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Struggling LG appoints new Korean CEO

December 19th, 2006 · No Comments

Korean giant LG Electronics has appointed a new CEO. Nam Yong (pictured) will replace Kim Ssang-su as part of a broad management restructuring designed to refocus the struggling electronics brand.
Analysts believe the reshuffle can’t come soon enough, as the company is heading for a 70 percent drop in its net profit for 2006, due to collapsing revenue from its LG.Philips LCD operation and stuttering sales of mobile phone products.
Nam was a former head of LG Telecom and is believed to be a close friend of the group’s founder and Honorary Chairman Koo Ja-kyung.

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