LG Electronics replaces CFO, creates CPO post

SEOUL (Reuters) - South Korea's LG Electronics Inc (066570.KS) on Wednesday announced a broad management reshuffle, replacing its chief financial and chief technology officers, scores of vice presidents and creating a new post of chief procurement officer.

The reshuffle, effective from January 2008, also includes the head of its Asia operations, the company said in a statement.

The sweeping changes follow a year of recovery for the appliance and handset maker.

The company announced a better-than-expected 15-fold rise in third-quarter profit in October, but has been struggling with weak plasma display panel prices and stiff competition from liquid crystal display technology used for mobile phones and television sets.

LG, the world's No. 5 mobile phone maker, said Jung Do-hyun, who currently leads LG Corp's (003550.KS) finance team, would take over as the new CFO.

It said Thomas Linton, currently vice president and chief procurement officer (CPO) of Freescale Semiconductor, would take on the new post as CPO.

Paik Woo, currently chief technology advisor of the South Korea-based company, was named as its new chief technology officer.

For its mobile telephone business, LG Electronics has scored successes in 2007 with its popular Chocolate slider model, the metal-encased Shine model and the luxury touch-screen Prada, after struggling to revitalize its cellphone division in the wake of fierce competition.

(Reporting by Kim Yeon-hee; Editing by Valerie Lee)