It's no secret that LG has been struggling to make a profit with some of its divisions within the company. LG's mobile division lost $389 million last quarter, and which was even worse than Q2 when they lost $132 million. Most of the profits LG has been able to bring in over the last couple of years is thanks to their home appliance and TV divisions. They specifically credit sales of TVs and home appliances when they made an overall profit of $503 million back in the second quarter of this year.
Some believe LG is having a bit of an identity crisis when it comes to their smartphones. Others have blamed their marketing campaigns (or lack thereof) and feel that LG could have done very well with the LG V20 if they would have marketed it better. The LG G5 had a lot of hype around it before it was officially unveiled, and the head of their mobile division said they would "need to overspend a bit in order to get the word out and create fans."
This didn't bode very well when their 2016 flagship smartphone sold less than expected, and resulted in multiple executives within the mobile division losing their jobs. Yesterday, the company announced they would be appointing a new CEO in charge of the entire company. The new CEO is Jo Seong-jin, and he was actually in charge of their home appliance division. The same division that has helped keep LG afloat for the last couple of years.
This change has gone into effect immediately, and will put Jo in charge of all LG Electronics' business divisions including the H&A Company, Mobile Communications, Home Entertainment, and Vehicle Components. He will even have oversight of over 120 operations around the world. Song Dae-hyun used to be the head of the CIS Region and president of LG Russia, but will now be taking the place of Jo as the president and CEO of the Home Appliance & Air Solutions Company.
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