LG Electronics wanted its chief executive Yong Nam to step down from his post because of the poor performance of the company in mobile phone market.
On Friday the board members of the company asked the CEO to step down immediately however this news was not mentioned on the official website of LG but the officials of LG in the US have confirmed the news.
According to reports Bon-Joon Koo will replace Yong Nam as the new CEO of the company.
The 59 years aged Bon-Joon Koo has been working a senior management positions at LG Chem, LFG Semiconductor, LG Display, LG International and LG Electronics and served the company as the vice chairman and chief executive of the company in its several wings. Koo was the man to establish LG Philips display LCD which became LG Display later.
The company said Koo was responsible for making the company one of the largest LCD-TFT manufacturers in the world.
LG did not unveil the perfect reasons to replace its CEO Nam but analysts pointed out the poor performance of the company in mobile phone field as the reason behind the step down.