Korean giant makes a 180.
LG Electronics has responded to a sales fall of 4.7% from the same time last year with a new global leadership structure designed to give its four operating companies more autonomy “to respond quickly and decisively to market conditions and business-growth opportunities” according to the Korean based conglomerate.
The four companies are home entertainment, mobile communications, home appliance and air solution, and vehicle components.
EVP Lee Sang-bong, head of LG’s energy business centre, will be promoted to president as well as taking on an expanded role as B2B officer overseeing all of LG’s commercial sector business, which includes professional displays, commercial air conditioning systems, and energy solutions.
Alongside Sang-Bong’s promotion are new appointments which give the executives “more independence and responsibility to facilitate rapid decision-making.”
As part of the changes, CFO David Jung adds a new role as corporate business administration officer overseeing overseas sales and marketing, global production, and quality management.
Global sales and marketing officer Wayne Park will assume the new title of EVP and head of LG’s European operations, while EVP Brian Na will be responsible for LG’s overseas sales and marketing, overseeing 47 sales subsidiaries worldwide.
New representative directors of LG Electronics are Jo Seong-jin, president/CEO of home appliances and air solutions; Juno Cho, president/CEO of mobile communications; and CFO David Jung.
In its fiscal third quarter, the company’s consolidated sales fell 4.7% from the year-ago quarter to 14 trillion won ($12 billion), operating profit fell 37% to 294 billion won ($251.5 million), and net income fell 38.5% to $106.8 million.
All appointments are effective tomorrow December 1, with promotions taking effect on January 1. The new organizational structure will take effect when confirmed at a general meeting of shareholders in early 2016.