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LG Electronics CEO ousted after dismal performance in phone biz

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Just a week after Nokia’s CEO, Olli-Pekka Kallasvuo was replaced by Stephen Elop, LG Electronics too have announced a change in the position of the chief executive officer. LG has confirmed that Koo Bon-joon (pictured above) will replace Nam Yong after he resigned from the job due to LG’s weakening phone business.

LG is in constant pressure to deliver a formidable smartphone to compete with the ilk of iPhone and Galaxy S and is currently banking on its Optimus family of smartphones.

Interestingly, the announcement today brought smiles on the face of the investors as LG Electronics’ shares shot up north by nearly 6 percent.

[Via Reuters|MobileBusinessBriefing]

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