Replaces him with family
South Korea's LG has ousted its chief executive and replaced him with a founding family member.
Koo Bon-joon, the head of trading firm LG International will take over from Nam Yong, who resigned from the top job to take responsibility for poor management.
Nam is the second CEO of a major mobile phone maker in a week to be knifed as the top companies report falling profits. Nokia replaced Olli-Pekka Kallasvuo with Stephen Elop, a Canadian Microsoft executive.
LG Electronics and Nokia have been under pressure due to a lack of strong smartphone models to rival Apple's iPhone and Samsung Electronics Galaxy S. LG's mobile business reported a record loss last quarter and warned of a similar loss this quarter.
We can expect some major changes at the outfit fairly soon, analysts think. Mobile chief Skott Ahn and other top executives are expected to walk the plank.