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LG Electronics axes its CEO due to a nosedive in handset profits

By Daniel Petrov

Published: Sep 17, 2010, 3:10 AM

LG Electronics axes its CEO due to a nosedive in handset profits

The CEO of LG Electronics, Nam Yong, has stepped down, after a nerve-racking dive in profits from its mobile handsets division. The operating profits from cell phones slumped with the astonishing 90%, compared to last year, clearly indicating that LG is doing something wrong.

Mr Yong will be replaced by the brother of the LG Group chairman. LG's share of the cell phone industry's profits has shrunk more than half since the iPhone introduction, and the proliferation of Android smartphones.

The company is jumping on the Android bandwagon with full force, hoping to reverse these trends, and it's aiming to carve a niche for itself by outing five Windows Phone 7 devices by year-end. Will it succeed? We'll know more when the year is up.

source: LG

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Daniel, a devoted tech writer at PhoneArena from 2010 to 2025, has been engrossed in mobile technology since the Windows Mobile era. His expertise spans mobile hardware, software, and carrier networks, and he's keenly interested in the future of digital health, car connectivity, and 5G. Beyond his professional pursuits, Daniel finds balance in travel, reading, and exploring new tech innovations, while contemplating the ethical and privacy implications of our digital future.