LG Group of South Korea has appointed a founding member as the new chief executive of LG Electronics Inc, this was an effort made by the company to turn around the company’s loss in mobile phone business. LG is the third largest mobile phone maker in the world.

Nam Yang will be taken over by Koo Bon-joon, CEO of trading firm LG Internationals. Nam Yang resigned from the job and he was held responsible for poor management according to LG. Since the mobile business reported a record of loss last quarter, LG Electronics has been under pressure due to a lack of strong smarphone models.

Securities analyst Kim Ji-san said, this change in management will definitely bring positive change to the company. LG is expected to make more aggressive investments and regain its competitiveness under the owner management system. This sudden change was accepted by the investors and they pushed LG Electronics shares to 5 percent and this was the biggest gain in last six months.


Written by: josh, who runs a website about Tech News