LG’s Display arm has decided to try and patch up its failing business, promising to reform “everything to the bone.”
LG, formerly known as Lucky Goldstar, hasn’t had an easy time of it lately, posting losses of $158 million (178 billion won) in the first three months of this year.
In a bid to boost its failing financial sheets the company has now decided to overhaul its management structure and also make some changes to its product offerings.
It has decided to scrap its mobile organic light-emitting diode (OLED) division, which was launched in June of 2008, while its two top products – LCDs for mobile handsets and OLEDs – have been split and given to two existing divisions.
And it’s more work for other divisions with the company’s LCD business being given to the IT Division which is also in charge of panels for monitors on laptop and tablets.
The rest of the OLED business has been given to newly promoted CTO Yeo Sang-duk, who formerly headed the mobile OLED.
LG said many of the moves it is making is to “boost tension across the firm”, which it hopes will add “competitiveness” amongst its key workers.
However, many won’t be fortunate enough to see the changes, with the company also reportedly laying off around 100 staff, according to sources at the Joongang Daily.