The chief executive of LG Electronics has stepped down following a string of poor financial performances at the company.
Nam Yong will be replaced by LG International executive Koo Bon Joon, a member of the company's founding family.
LG reported earlier this summer that quarterly profits had fallen by 33 per cent over the previous year's quarter, and that handset sales were down 29.5 per cent.
The company has been moving forward with updates to its smartphone line, launching Android-based Optimus handsets earlier this week and announcing an Android-based tablet device for release later this year.
Research firm comScore reported recently that LG controls a 21.2 per cent share of US mobile sales, second to rival Samsung's 23.1 per cent.
Another of LG's mobile phone rivals is recovering from an executive shakeup of its own. Nokia vice president and mobile solutions head Anssi Vanjoki announced his resignation just days after Nokia named former Microsoft executive Stephen Elop as its new chief executive.
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