​LG Electronics makes home appliance boss CEO

LG Electronics' home appliance boss has been promoted to vice chairman and will become CEO, while its mobile division has been given a second chance to rebound the faltering business.

Jo Seong-jin, LG Electronics' home appliance boss, has been promoted to vice chairman and CEO of the company, as announced in its annual reshuffle.

Jo led LG's home appliances to record profits for the company despite the heavy losses from its mobile division due to the failure of the modular G5.

Juno Cho, head of the firm's mobile division, kept his post, as did bosses of its TV and auto component businesses. Cho has likely been given a second chance to rebound the business despite its continuing failure to return to the black.

Initial sales for the V20, the firm's latest phone, have been strong in both US and South Korea but it remains to be seen whether it will significantly improve the business' profitability.

A total of 58 executives were promoted, LG Electronics' largest amount in 12 years, and considerably higher than last year's 38.

Jo is the first high school graduate to become vice chairman of LG Group and has been an "LG man" since 1976.

He is credited with successfully promoting LG Signature, its premium home appliance brand, to earn higher margins.

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