LG Display, the world’s largest organic light-emitting diode panel provider, said Friday the company has shed nearly one quarter of its executives as part of an organizational restructuring to normalize financial capabilities.
The panel manufacturer has cut the number of executives above the team leader level by 25 percent by incorporating overlapping departments and simplifying the organizational structure, it said.
In order to speed up its change in portfolio from an LCD-focused lineup to an OLED-focused one, the company reduced the size of its LCD business by merging the TV panel development team with other mobile and IT teams.
LG Display's P-OLED product (LG Display)
Employees who are being moved out of the LCD business will be reassigned to the large-size OLED or small-size P-OLED units.
In order to allocate more staff for future businesses, the chief technology office will have two research centers. One is for core and leading technologies, while the other one is for future displays.
“The latest restructuring is aimed at swift decision-making and execution,” a company official said.
The restructuring was conducted less than a month since CEO Jeong Ho-young took office last month.
The head of the display affiliate of LG Group was replaced due to the continuously eroding profitability caused by deficits from the OLED business.
By Song Su-hyun (email@example.com)