LG display department abolished a quarter of managers: abandon LCD to protect OLED
On October 4, the troubled LG Display underwent a major reorganization. As many as a quarter of its executives were laid off, leaving 118 executives after the adjustment.
At the same time, the CTO (Chief Technology Officer) working group is also divided into two, one is responsible for basic research and development, and the other focuses on panel research and development.
Korean media reported that LGD's move is aimed at further reducing the LCD liquid crystal panel business, thereby clearing the way for the promotion of LCD for Samsung. The official spokesperson said that the above measures can help the company make faster and better decisions and improve its core competitiveness.
It is reported that in September, LGD appointed Chung Ho-young as CEO. 'Three fires for new officials to take office
Industry observers said that with the expansion of China’s LCD panel production line, South Korea’s local panel makers began to close their factories more aggressively. In the third quarter, LGD expects a deficit of 300 billion won, and its annual loss may exceed 1 trillion won (about 6 billion yuan).
In addition, LGD is also planning how to increase the price of LCD for Samsung panels to save revenue and profits.
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