LG chief quits over poor phone sales

The electronics company has confirmed that its chief executive has departed as a result of disappointing mobile-phone sales and poor performance
Written by Jamie Yap, Contributor

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.

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