LG ousts CEO over phone losses

09.30 Administrator

The world's No. 3 maker of mobile phones, LG Electronics,
 removed CEO Nam Young after record losses at its handset unit.  The move occurred a week after No. 1 phone maker Nokia (NYSE:NOK - News) replaced its CEO.
LG and Nokia  are both losing market share due to growing competition from Apple's (NMS:AAPL)
iPhone as well as Taiwan-based HTC's surge in sales of smart phones featuring Google's (NMS:GOOG)
Android OS.

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