Business

LG Display to replace its chief executive amid mounting losses

SEOUL: South Korea's LG Display Co Ltd 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.

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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 firms, it is also dealing with uncertainties caused by a Sino-US 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 (US$313.02 million) from 228 billion won a year earlier, hit by declining prices of its main product, 50-inch liquid-crystal displays (LCDs).

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