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Report: LG Display replaces CEO over mounting losses

Seoul-based LG Display Co. Ltd. on Sept. 16 named LG Chem Ltd. President Jeong Ho-young as its new CEO.

Its current CEO Han Sang-beom offered to step down due to mounting losses, Reuters reported, citing a company statement.

Jeong also is CFO and internal accounting control system officer at LG Chem.

LG Display, a subsidiary of LG Corp., has reportedly been struggling with low prices for LCDs used in television sets due to a global supply glut and competition from Chinese LCD makers, as well as the impact of the ongoing trade dispute between the U.S. and China.

In July the company said it will invest 3 trillion won in its OLED production facility in Paju, South Korea.

As of Sept. 13, US$1 was equivalent to 1,177.03 Korean won.