The strategy is to enhance revenue in 2016. LG’s Q3 sales rose 0.7 percent q-o-q to $12 billion with an operating profit $251.5 million.
In Q3 2015, LG Electronics generated $3.67 billion (9 percent q-o-q) from Home Entertainment, $2.89 billion (–21 percent y-o-y) from LG Mobile Communications, $3.55 billion (+420 percent y-o-y) from Home Appliance and Air Solutions and $409.41 million (+6 percent q-o-q) from LG Vehicle Components business.
Jo Seong-jin, president and CEO of Home Appliances & Air Solutions; Juno Cho, president and CEO of Mobile Communications; David Jung, president and CFO will be the three leaders to head every aspect of LG Electronics’ business.
David Jung will also look after sales and marketing, global production and quality management in the role of Business Administration Officer, said LG.
Current vice chairman and CEO Koo Bon-joon will rejoin the leadership team at LG Corp.
The new structure will give more autonomy to four companies — Home Entertainment, Mobile Communications, Home Appliance & Air Solution and Vehicle Components – to drive business growth opportunities.
LG believes that high-growth areas such as automotive components, energy, IT and B2B will drive LG’s growth going forward. However, it will continue to focus on televisions, mobile devices and appliances.
Lee Sang-bong, head of the LG Energy Business Center, will be promoted to president and will take on an expanded role as B2B (business-to-business) officer, overseeing all of LG’s commercial sector business, which includes professional displays, commercial air conditioning systems and energy solutions.
Wayne Park, currently global sales and marketing officer, will be executive vice president and head of LG’s European Operations. Brian Na will be responsible for LG’s Overseas Sales and Marketing, overseeing 47 LG sales subsidiaries worldwide.