South Korea's LG Group on Friday named a new chief executive of LG Electronics Inc in its latest move to turn around the company's loss-making handset business. LG parachuted Koo bon-joon, CEO of trading firm LG International and a member of its founding family to take over the post from Nam Yong, who offered to resign from the top job to take responsibility for poor management, the group said. “We made the decision to give an incoming chief executive enough time to prepare for next year,” a LG Group spokesman said.

The top management of LG Electronics, the world's No.3 mobile phone maker, has been under pressure after its mobile business reported a record loss last quarter and warned of a similar loss this quarter due to a lack of strong smartphone models.

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