LG CEO Resignation May Slow Down the Slippery Slope Ride
After a loss of approx $103 million in the end of this quarter due to a lack of demand in their Smartphone arena, the South Korean tech mogul LG absorbed yet another loss, this time in the human sector. Gigaom reports:
“The CEO of South Korean consumer electronics giant LG resigned today because of the company’s poor performance in the smartphone space. Yong Nam will be replaced by Koo Bon-joon, currently the head of LG International.”
While this resignation would probably not be considered as a substantial stoppage for LG by many, it seems that the Corp.’s lighting fast decision to appoint the new replacement appears to be reflecting the same. Nonetheless, this is no shocker with the state of the Smartphone market these days. LG somewhat loosened its grip on its long time partner Microsoft’s Windows Mobile, and announced earlier this year a future launching of up to 20 handsets based on the more attractive and predictably profitable Android platform. This and the resigning of their not very profitable CEO may bring a brighter, more profitable tomorrow for LG.
With the compact, multifunctional and sweepingly handsome Smartphones taking over the Netbook market with every iPhone and Samsung Epic bought, a new and global degree of fierce competition has began to ride the wave of the Smartphone takeover. Unless LG, Nokia, RIM and others are able to pull their act together, they will get caught under the tsunami; soon.
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