ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailMenu BurgerPositive ArrowIcon PrintIcon SearchSite TitleTitle ChevronIcon Twitter
Companies

LG Display to replace its chief executive amid mounting losses

  © Reuters

SEOUL (Reuters) -- South Korea's LG Display Co on Monday said it has named LG Chem President Jeong Ho-young as its new chief executive officer.

LG Display, a supplier to Apple, said in a statement that Chief Executive Han Sang-beom offered to step down over mounting losses.

LG Display has been struggling with a global supply glut in liquid-crystal displays (LCDs) used in television sets, which has pushed down prices. Like many other global tech companies, it is also dealing with uncertainties caused by a Sino-U. S. trade dispute involving import tariffs on tech goods and services.

The display maker said in a statement it held an emergency board meeting to accept Han's resignation and appointed Jeong, the current chief operation officer and chief finance officer at LG Chem.

The appointment of a new CEO is subject to the approval of shareholders at a meeting scheduled next March.

In the second quarter, LG Display said its operating loss widened to 369 billion won ($313.02 million) from 228 billion won a year earlier, hit by declining prices of its main product, 50-inch liquid-crystal displays (LCDs).

"The global supply and demand balance in the display industry is still off as government-backed Chinese display makers are pouring out panels, leading to drop the display prices," said Park Sung-soon, an analyst at Cape Investment & Securities.

LG Display's crosstown rival Samsung Display said in August it is considering suspending one of its LCD production lines in South Korea due to a supply glut.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends October 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media