LG Puts Faith in Its Home Entertainment Head to Take the Company’s Mobile Business to New Heights
Despite coming out with decent smartphones such as the G7 and V40 this year, the LG mobile wing is not doing so well and could use a little help. LG has openly acknowledged that it needs to shake things up and that’s why the company has decided to enlist the help of Brian Kwon, who currently heads the home entertainment division. The current President of LG Mobile Communications, Hwang Jeong-hwan had taken office last October only, but his tenure will be cut short on December 1.
LG Mobile Could Benefit From Kwon, Who Is Experienced and Successful Leading the Company to a Successful Quarter
LG’s mobile division has been struggling for two years now. The company reported a net loss of $130.5 million last quarter. On the other hand, Kwon, who has been part of the home entertainment category for several years, had helped LG increase its market share the in TV market, thanks to his attentiveness in 2015 when he realized the importance of OLED technology. His unit amassed a profit of $289.9 million last quarter.
LG Mobile has pinned all its hope on Kwon, whom it calls a ‘turnaround expert’, and hope that he will bring the mobile division on track again. He will also keep leading the home entertainment unit. Meanwhile, Jeong-hwan will focus entirely on LG’s Convergence Business Development Office. The CEO of LG Electronics, Jo Seong-jin will be delegating more of his everyday responsibilities to CFO and President David Jung so he can concentrate on future strategy.
It remains to be seen if Kwon would be able to work his magic on the mobile unit. This is a crucial time for the smartphone market, thanks to the impending arrival of folding smartphones and the 5G standard. Even LG is rumored to showcase a foldable handset at CES 2019 in January. However, foldable smartphones are risky and might fail to elicit demands unless consumers are convinced that they have something useful to offer.
If you want to know more about LG’s smartphone business for the future, you can check out the links given below:
- LG Trademarks 5 Devices for Its Premium V-Lineup but That Could Mean Bad News for the Company’s G-Series
- LG Believes That the 5G Revolution Will Finally Lead to the Manufacturer Posting a Profit Next Year
- LG V45 Could Be Named the First 5G Smartphone From the Company, With Cameras and Display Parts Reportedly Remaining the Same
Source: LG Newsroom