Struggling display maker LG Display has sent home up to 20 executives – or around 17% of its executive work force – in its latest restructuring aimed to streamline its organization as it looks to move from LCDs to OLEDs in earnest.
The executives who were let go included the chief of the Guangzhou-based large-sized OLED-producing company – officially called LGDCO – the heads of the TV marketing and sales groups, IT sales and marketing groups and a senior researching working with the company’s CTO.
Those in charge of corporate PR, mobile quality management, PO module technology, PO panel quality and mobile marketing were also among those who were given the pink slip.
The chief of LGDCA, the company running the display maker’s LCD line-producing facilities also in Guangzhou, has taken over the LGDCO. Equipment technology will be run by Jo Chang-mok, who had headed the pOC1 plant at the mobile manufacturing center.
The head of the pOC technology will now be head of OLED technology. The manufacturing technology center will be run by Choi Young-seok, who had been in charge of product technology at the center.
A new display research lab was created under the CTO, and LGD Research Institute was given a facelift and a new name.
The executives will receive salaries up to March 2020. Vice Chairman Han Sang-beom who quit last month is currently making rounds at LG Display’s overseas branches to say farewell.
“I was sad to see that employees were more afraid and worried than confident and excited,” said Chung Ho-young in an email to the company’s workers on Oct. 14.
He cited turning over a new leaf to go completely-OLED as the biggest challenge LG is facing at the moment.
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