By Ben Otto


LG Electronics will set up a new sales and marketing entity to oversee international business, part of a series of restructuring moves aimed at boosting the South Korean consumer-electronics maker's competitiveness and growth.

The Seoul-based company said Friday that its newly established overseas sales and marketing company will manage sales subsidiaries in North America, Europe, the Middle East and Africa, Latin America and Asia, as well as oversee global marketing and direct-to-consumer sales, in efforts to boost executive capabilities.

The new entity will be led by Thomas Yoon, formerly president and chief executive of LG Electronics North America, and report to LG Electronics CEO William Cho.

LG Electronics unveiled other changes within its four business segments that it said are aimed at spurring the development of original technologies.

The company's home appliance and air solutions unit will add an engineering sales division and absorb LG's home beauty business, it said, while the home entertainment segment will see President Park Hyoung-sei promoted while establishing a development group to strengthen the company's smart TV operating system.

The company also plans to expand sales and operation of its business solutions unit globally, including by upgrading its India business.

LG Electronics has been seeking to address intense business competition, higher costs and uneven demand that weighed on earnings earlier this year. In its latest quarter, net profit jumped 44% from a year earlier, led by strong earnings from its home-appliance and vehicle-components segments.


Write to Ben Otto at ben.otto@wsj.com


(END) Dow Jones Newswires

11-23-23 2359ET