By Kwanwoo Jun
South Korea's LG Display Co. (034220.SE) said Monday that it has replaced its chief executive, Han Sang-beom, with LG Chem Ltd. (051910.SE) President Jeong Ho-young, as the company struggles with mounting losses.
LG Display said in a statement following an emergency board meeting that it was naming Mr. Jeong as its new CEO after Mr. Han offered to resign over the company's recent poor performance.
The replacement, subject to the approval of a shareholders' meeting scheduled for March, came after the company reported that revenue had declined, with its net loss widening significantly in the second quarter ended in June.
LG Display, one of the world's biggest makers of display panels used in smartphones and televisions, has blamed weaker-than-expected demand for its liquid-crystal-display panels on a global supply glut and U.S.-China trade tensions.
The company has stepped up efforts to restructure its business to focus more on organic-light-emitting-diode panels.
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