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LG Shuffles Execs, Makes Huge OLED Investment

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Nov 27, 2015, 10:24 AM by Eric M. Zeman

LG Electronics is restructuring its business to make it lighter on its feet and better able to respond to changes in the market. Moving forward, each of LG's core businesses will have their own, independent leaders. Juno Cho has been appointed President and CEO of LG's Mobile Communications business, while Jo Seong-jin has been selected to serve as President and CEO of Home Appliances & Air Solutions, and David Jung will serve as President and CFO. LG Electronics Vice Chairman and CEO Koo Bon-joon will transition to LG Corp, LG Electronics' parent organization. The appointments are effective Dec 1. LG Display, an affiliate of LG Electronics, said it will invest $8.71 billion in a new plant to manufacture OLED panels for smartwatches, TVs, and other devices. The majority of LG's smartphones use LCD panels, which the company makes for itself and competitors. LG Display's large commitment to developing OLED technology represents a shift in strategy. The plant is expected to become operational during the first half of 2018.

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