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LG CEO fired due to poor performance in mobile

Updated Dec 19th, 2018 6:48PM EST

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Today, Korean electronics company LG announced that its CEO, Nam Yong, would be stepping down; Mr. Yong was appointed to the position in 2007. Media outlets are reporting that a major factor in the firing was “declining mobile phone sales.” Yong will be succeeded by 59-year old Koo Bon-joon. Currently, Bon-joon is the head of the LG’s trading firm, LG International.