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Electronics giant names new CEO

SEOUL, Dec. 18 (UPI) -- South Korea's struggling LG Electronics Monday dismissed Chief Executive Officer Kim Ssang-su and replaced him with Nam Yong.

Nam, former head of LG Telecom, will take over in January in an effort to rescue the ailing electronics giant. Kim moves to the strategic office, the company said.

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A spokesman said that Kim "laid the foundation for LG to become a global company through a strong reform drive. Now it's others' turn to bring the company into the next stage."

Expecting a 70-percent drop in net profit this year, LG Electronics also changed several other top management positions, the Korean Times reported.

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