More moving and shaking in the mobile industry took place this week, as LG's Nam Yong stepped down from his position as Chief Executive Officer.
Juggling CEOs seems to be the new trend in the mobile market. Earlier this week, Nokia replaced Olli-Pekka Kallasvuo with Stephen Elop, a former Microsoft executive who headed up the Microsoft Office team.
Replacing Nam Yong is Koo Bon-joon, a founding family member of the company and younger brother of LG Group Chairman Koo Bon-moo. He will be tasked with making LG a more competitive brand next to the likes of Apple and Samsung.
"Koo is expected to reshuffle the organization and actively cope with the fast-changing IT industry... LG is expected to narrow the gap with Apple and other leading smartphone makers," said Lee Yong-jik, a fund manger at AIG Investments in Seol.
LG ranks No. 3 in the global handset market, however the company has so far been unable to break through the 1 million mark in smartphone sales.