The memo assures employees that nothing has been finalized, and that the company is keeping options open to address "mobile business challenges" in 2021. CEO Kwon Bong-Seok assured his employees that no firings would take place, but up to 60% of the staff could be absorbed elsewhere. LG Electronics may exit the smartphone business after losing about 5 trillion won ($4.5 billion) over the past five years. Elon Musk भारत में Jio और Airtel के नाक में दम करने की तैयारी में! LG Electronics's Representative Director, CEO, President is Bong Seok Kwon. It needs more time given broadcasters are not ready yet (to broadcast their content in 8K resolution)," he said. "The reason why we put up the banner of 'OLED first' is to suggest using OLED panels for 8K TV is the right direction. Tasneem can be reached on Twitter at @MuteRiot, and leads, tips, and releases can be sent to tasneema@ndtv.com. Via: The Korea Times. Just … In a letter to staff, CEO Kwon Bong-seok warned of a “change in the direction of the smartphone business operation” LG has been struggling to maintain a high level of competition in the smartphone space for many years now, reportedly losing around 5 trillion won ($4.5 billion) in this sphere over the last 5 years. Brian Kwon is President/Co-CEO at LG Electronics Inc. See Brian Kwon's compensation, career history, education, & memberships. Kwon Bong-seok, president of LG Electronics, speaks during a press conference at the LG Science Park in Seoul, Friday. "It is time to make the best choice regarding our mobile business based on its current and future competitiveness," CEO Kwon Bong-seok said in a message to employees on Jan. 20. For the latest videos on gadgets and tech, subscribe to our YouTube channel. “We are improving by reinforcing our cost competitiveness, and we plan to make quality improvements next year with growth in the premium sector,” Kwon told reporters … Xiaomi Mi Note 10 Lite is now receiving Android 11 . Kwon Bong-seok said that South Korea's No. Vice President Kamala Harris actually tweeted from her new … As such, LG CEO Kwon Bong-seok apparently sent out an internal memo to staff that hinted at a major, upcoming change to the company’s smartphone division, as reported by The Korea Herald. The memo reportedly assured that around 60 percent of employees in the smartphone business will be assimilated into other LG arms. It's hard to say whether they will be let go or retained in a smaller mobile arm potentially focusing on flagships. She reports out of Mumbai, and also writes about the ups and downs in the Indian telecom sector. The Korea Herald says that CEO Kwon Bong-seok, in a message to staffers, said that it was “about time for LG to make a cold judgment” about the ailing mobile division. We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts or RSS, download the episode, or just hit the play button below. The Korea Herald says that CEO Kwon Bong-seok, in a message to staffers, suggested that change was coming. He also spoke about the emerging 8K TV segment, and said that it will still take time to get an ‘explosive response'. LG is reported to have generated KRW 98.6 billion operating profit, phone in India, and LG Electronics CEO Kwon Bong-seok has announced that the company plans to make the smartphone business profitable by 2021. A report by Korea Herald said that LG CEO Kwon Bong-Seok has informed all the employees via email about its intentions of shutting down the smartphone segment owing to huge losses. The company’s smartphone division has lost around $3.5 billion over the past five years, and CEO Kwon Bong-Seok has notified staff of a potential major change in the smartphone business this year. The remaining 40% could well continue to remain in the smartphone arm, all subject to if the company looks to downsize and focus on just flagship models. Share on Twitter; Share on Google+; Share on Reddit; Share on Pinterest; Share on Linkedin; Share on Tumblr; Competition is a great thing for consumers, as it forces different companies to constantly raise its game to deliver better products and services. As part of its cost cutting efforts, the company even relocated its smartphone production unit from Pyeongtaek in South of Seoul to Haiphong in Vietnam in 2019. | Elemental Ep 24, How to Take Screenshots in Windows 10 Laptops and Desktops: 4 Easy Ways to Take Screenshots. For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. LG CEO Kwon Bong-seok's e-mail statement "LG Electronics has come to the point where it is time to make the best choice by calmly judging its current and future competitiveness in the mobile business. "LG Electronics has come to the point where it is time to make the best choice by calmly judging its current and future competitiveness in the mobile business. 2 tech firm is "working hard" to create a turnaround in its struggling mobile business, reports Yonhap news agency. An LG official also told the Korean daily that a sale is being deliberated: “Since the competition in the global market for mobile devices … The news comes from a memo CEO Kwon Bong-seok addressed to staff and published by The Korea Herald. Xiaomi Teases MIUI 12 as Its Next-Gen Custom ROM for Android Phones, Hotstar: Captain Marvel, Glass, Alita: Battle Angel Among 8 Disney-Fox Movies in January, TVs Are Getting More Expensive in India and This Is the Reason Why, LG Velvet 5G Stable Android 11 Update Starts Rolling Out: Reports, LG Releases Virtoo App on Microsoft Store That Enables Smartphone Functions on PCs. The LG Electronics CEO Kwon Bong-seok spoke to reporters at a CES press conference in Las Vegas, claiming that the dwindling smartphone will become profitable once again. He claimed that this feat will be achieved by 2021. He also confirmed that the rollable TV demoed at CES 2020 will be launched in the first half or latest by the third quarter of 2020. At LG Electronics, Bong Seok Kwon … Her reporting expertise encompasses smartphones, wearables, apps, social media, and the overall tech industry. See the full leadership team at Craft. This development all but confirmed through a company-wide email from LG CEO Kwon Bong-seok. And thank the heavens, his tweet was shockingly cogent and normal compared to the past four years of presidential posts. Other executives include Doo Yong Bae, Representative Director, CFO, Executive Vice President; Joon-Keun Choi, Outside Director (Independent) and 4 others. इस कंपनी ने कर्मचारियों को फ्री दिए PS5, iPhones और कई महंगे गैजेट्स, Mi 11 फोन 108MP कैमरा, 20MP सेल्फी कैमरा के साथ ग्लोबली लॉन्च, जानें फोन की कीमत, Infinix Smart 5 भारत में 11 फरवरी को होगा लॉन्च, ग्लोबल वेरिएंट के मुकाबले होंगे कई बदलाव. Business Korea on Thursday reported that LG Electronics has decided to sell off its smartphone business piece by piece as … Tasneem Akolawala is a Senior Reporter for Gadgets 360. Sony, for example, continued to retain its smartphone team primarily for R&D purposes. Meanwhile, an LG official told The Korea Herald that the company is "considering all possible measures, including sale, withdrawal, and downsizing of the smartphone business". Company Colleagues . LG Electronics Inc. CEO Kwon Bong-Seok vowed to improve the companys mobile communications business next year amid the pandemic. 2 tech firm is “working hard” to create a turnaround in its struggling mobile business, reports Yonhap news agency. Kwon Bong Seok assured the company’s workers that whatever decision that the board will make, LG will retain the jobs. According to The Korea Herald newspaper; The company’s CEO, Kwon Bong-seok, said in a message to employees that LG is about to make a “hard decision”. He didn't detail on how the company will manage to make that happen, but said that it looks to expand its "mobile lineup and steadily release new [smartphones] attached with some wow factors to woo consumers.". Meanwhile, NewsPim reports that Vietnam's VinGroup is interested in LG's North American smartphone arm. The soon-to-be-former smartphone maker is considering a 2021 exit strategy, after the phone business lost $4.5 billion over the last five years. Citing fierce competition in the handset market, the CEO reportedly said that he was looking at “sale, withdrawal and [a] downsizing of the smartphone business.” Kwon… The report says that LG is expected to generate KRW 98.6 billion in operating profit for Q4 2019, much less that the KRW 270 billion operating profit that was predicted by market analysts. Even though no … Industry insiders predict that LG Electronics will leave only some functions such as research and development (R&D) on smartphone … Extend your search. The move could give VinGroup access to the US market, where LG still holds a substantial 13 percent market share. The memo from LG CEO Kwon Bong-Seok notes that competition in smartphones has increased markedly. All rights reserved. Kwon Bong-seok, Chief Executive at the Korean company, said “regardless of any change […], the employment will be maintained, so there’s no need to worry”. The CEO Kwon Bong-seok sent an internal message, saying if the division folds, “employment will be maintained”. Drawing attention to the fierce competition in the smartphone market, Kwon; He said that the sales, withdrawal and downsizing options are on the table. WhatsApp to Telegram Data Transfer: Migrate Any WhatsApp Chat to Telegram in Under 30 Seconds! The report came shortly after LG Electronics’ Chief Executive Kwon Bong-seok said that the home appliance maker is considering selling the loss-making smartphone division. Kwon … The internal memo was primarily meant to address shutdown rumors doing the rounds in Korea. LG Smartphone Business to Become Profitable by 2021, CEO Suggests. Seok Kwon Ep 24, How to Take Screenshots rival Korean smartphone maker is a. 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