It's getting on toward the end of the year, and you know what that means. Yes, it's time for LG's semi-annual executive shakeup. As usual, LG's management isn't happy with how the mobile division has done over the last year, so it's putting someone new in charge. That person is Brian Kwon, the current head of LG's home entertainment group.
LG is an overall profitable company, but the mobile communications division has been bleeding cash for years. In its most recent report, LG says the mobile segment lost $171.95 million, which is more than the $117 million it lost in the same quarter last year. Kwon has been good for LG's TV efforts. That part of the company reported $377 million in profit during that same quarter, a 4.1% increase from last year. LG hopes he can replicate that success in mobile, but these are very different markets. The announcement says Kwon will "also" take on the role of mobile chief. That implies he won't give up leadership of the home entertainment group.
LG brought in Hwang Jeong-hwan to lead the mobile division just last year, but he's not getting the boot. Jeong-hwan will focus on his other role as manager of LG’s Convergence Business Development Office (whatever that is). LG says Jeong-hwan improved mobile quality assurance and product development efficiency during his tenure. I guess re-releasing the V30 repeatedly was all about efficiency then? The new appointments go into effect on December 1st.