LG Electronics CEO Nam Young has resigned on Friday due to the struggle the company was having in the smartphone market. Young is being replaced by Koo Bon-joon, a member of the founding family at LG.
This move is similar to Nokia, whose CEO recently decided to step down and whose chairman announced that he is leaving in 2012. Between 2005 and 2008, LG went from sixth to third place in cellphone sales. LG Electronics is the world’s second largest TV manufacturing company. LG was able to attain this ranking during Young’s tenure, which started in 2007.