Technology: LG Electronics CEO Resigns

LG Electronics Chief Executive Officer Nam Yong has resigned, according to reports, taking responsibility for the company’s poor performance and market share in the smartphones market. Koo Bon-Joon will replace Yong as CEO, according to a Wall Street Journal report. Last quarter, LG Electronics’ sales dropped 0.7 percent compared to second quarter of 2009, and net profit declined by 33 percent—partly due to weakness in the company’s smartphone lineup compared to rivals Apple Inc., Research In Motion Ltd., and Korean rival Samsung Group. LG is the world’s third-largest mobile handset maker after Nokia and Samsung. Nokia earlier this month announced that its chief executive would also leave the company after poor smartphone sales.