Electronic giant LG is getting ready and preparing to make a confident come back this year. For the same it is looking at every single aspect of things in its working. One of the company’s business divisions was shut even as it has come down to four divisions now.
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The idea here is to get a quicker and more effective decision making process at the heart of the company’s working. The Smartphone segment saw LG lagging far behind the other giants when it came to sales this year.
The other big wigs namely Apple, Nokia, Samsung, Motorola and Sony ate up a lot of the market share in this segment in spite of LG having the reputation of being the third largest cellular phone manufacturer. As a major blow to both its finances as well as its reputation the company saw getting its first operational deficit in the 3rd quarter of this year in 2010.
The company has named Vice Chairman Koo Bon-joon as the head of the newly established “Business Innovation Office”. The digital storage business unit, the PC business unit and car business unit will also directly interact with Koo. In the mean time LG’s air conditioning department was renamed as the Air Conditioning and Energy Solution Company. This is as LG is looking at getting a strong hold in technologies like solar energy and LED lighting which have opened up many new possibilities and potential markets.
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