Life?s Not So Good at LG Electronics. Musical CEOs is all the rage in the smartphone industry lately. First Nokia, now LG Electronics is putting the CEO hat on a different head. Nam Yong, recently re-elected to the post at LG is now history, resigning because he couldn?t get a fire going under LG?s smartphone business.
Koo Bon-joon will be ascending to the position of LG?s CEO. LG Group?s board chairman is his older brother, Koo Bon-moo. The new CEO, one of the founding family members; is in his mid 50?s, married, with two children. Forbes quoted his 2008 net worth at $1.05 billion and placed him twelfth on South Korea?s richest list.
Koo may find himself on a roller coaster. LG was the sixth largest phone maker in 2005, then escalated to third in 2008, but lately, LG?s market share has been dropping, with competition from Motorola, HTC, and and most notably their Korean competitor, Samsung. Reuters reposts that LG?s mobile unit used to account for about a third of the LG Group?s sales, but fell to about one quarter in 2010?s second quarter.
LG Optimus One and Chic
The change in management comes as LG is attempting to arouse interest by releasing the specs on its new Optimus handsets, known as One and Chic, as it tries to compete internationally. These entry-level smartphones are expected out in November. The Android 2.2 sets use a 600MHz processor, a 3.2 inch capacitive display has a resolution of only 320×480. Both phones support A-GPS, Bluetooth 2.1+EDR, WiFi 802.11b/g, and have an FM radio. The one with the odd name, "One", has a 1500mAh battery and a five megapixel camera while the Chic offers only 1200mAh and the three megapixel camera.
It will be interesting to see how the new phones and the new CEO fare in the coming months.