LG chief quits over poor phone sales

Summary:The electronics company has confirmed that its chief executive has departed as a result of disappointing mobile-phone sales and poor performance

The chief executive of South Korean consumer electronics company LG Electronics resigned on Friday amid declining mobile-phone sales, according to news reports.

LG said Nam Yong offered his resignation to take responsibility for the company's poor management and performance. He was appointed in 2007.

According to Reuters, LG's mobile unit once accounted for around one-third of group sales, but contributed only one-fourth of revenue in its second-quarter results released in July. During that period, the mobile unit posted a record loss of 120 billion won (£66.1m).

For more on this ZDNet UK-selected story, see LG CEO resigns as mobile sales dwindle on ZDNet Asia.

Topics: Mobility, Smartphones

About

Jamie Yap covers the compelling and sometimes convoluted cross-section of IT and homo sapiens, which really refers to technology careers, startups, Internet, social media, mobile tech, and privacy stickles. She has interviewed suit-wearing C-level executives from major corporations as well as jeans-wearing entrepreneurs of startups. Prior... Full Bio

zdnet_core.socialButton.googleLabel Contact Disclosure

Kick off your day with ZDNet's daily email newsletter. It's the freshest tech news and opinion, served hot. Get it.

Related Stories

The best of ZDNet, delivered

You have been successfully signed up. To sign up for more newsletters or to manage your account, visit the Newsletter Subscription Center.
Subscription failed.