Seeking quick and effective action to reverse the worrying sales picture, preventing the company from finding ruin, LG announced the change of its CEO. Sai Jo Seong-jin, who was renewed for another three years in March 2018, enters Brian Kown, an LG executive who specializes in data and artificial intelligence for over 30 years.
The replacement is justified by the astronomical fall of 30% of the company’s net profit during the last quarter and is accompanied by some more changes. In addition to the chief executive officer, the chairman of the chief financial officer and the chief strategy officer will also have new occupants, marking a deeper reorganization in various areas of the company.
Serving as a portrait of the plight, the South Korean giant’s smartphone division is not going through its best years either. Market data indicate that the company sector has been losing for at least 18 straight quarters; just over 4 years.
With a daunting task ahead, new members of the Kown-led team are expected to be able to set a new strategic direction for the company, bringing the company back on track.