Juno Cho, president and Chief Operating Officer of LG Corp, has been named president and CEO of LG Electronics' mobile division, effective December 1. The current CEO Park Jong-Seok, who has been suffering from health problems, was named Chief Technology Advisor and will assist the newly-appointed Cho in a supporting role.
Juno Cho is credited for LG's successes in the mid-2000s when he was head of LG Electronics' North America arm after it launched the Chocolate Phone in 2006. He is in his early 50s and is considered a 'young-blood'. Due to his marketing and sales expertise, his appointment is likely an attempt to drive sales in other markets, especially China.
This year saw LG Electronics' mobile business return to the black, thanks to the spectacular success of the, its flagship smartphone series. LG secured a 16.3 percent market share in North America during the third quarter. This was a record for the company, more than double its market share from a year ago and just behind rivals Apple and Samsung, according to US-based Strategy Analytics.
LG also posted 167.4 billion won ($152 million) in operating profit during the quarter, its highest since 2010.
As part of the annual reshuffle, Kwon Bong-suk, head of LG Corp's Synergy Division, was promoted to executive vice president and CEO of the LG Home Entertainment Company, its consumer electronics division. Kwon's central mission is to prepare for expansion of OLED TVs next year.
LG also commenced a group-wide realignment of affiliates LG Display, LG InnoTek and LG Chem on the same day, though only minor changes at the mid-level was announced. Han Sang-beom, CEO of LG Display, retained his position and the company will likely continue its push for OLED next year.