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LG ELECTRONICS REPLACES CHIEF EXECUTIVE

Baku, September 18 (AZERTAC). LG Electronics, the world`s third-biggest mobile phone maker, has replaced its chief executive after record losses at its handset business.

Nam Yong will be replaced by Koo Bon-joon, the brother of the chairman of parent company LG Group.

Mr Nam offered to resign "to take responsibility for the flagging performance", LG Group said.

Nokia has also replaced its chief. Both firms have been under pressure in the competitive smartphone market.

Last week, Finland`s Nokia announced that Microsoft business manager Stephen Elop would replace Olli-Pekka Kallasvuo as its chief executive.

Mr Koo will officially take the reins on 1 October Days later, the head of Nokia`s mobile business also resigned.

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