LG Electronics' CEO, Nam Yong, has resigned from his position and will be replaced with one of LG's original founders.

Yong has apparently been given the push due to declining sales in the mobile phone sector, which has seen phones go from being a third of LG's revenue to a quarter, with the mobile arm publishing a loss in Q2.

Koo Bon-joon will take over the reins, and will be tasked with reshuffling the mobile phone arm and help push it back up into the top three manufacturers worldwide.

Imminent switch

The switch will be made from 1 October, showing that LG is desperate to get new impetus in its drive back to popularity.

LG has also announced plans to bring out an Android tablet in the near future, as well as a series of budget Android phones - plus we've got the new Windows Phone 7 handsets coming soon.

But none of these have gained the critical acclaim or hype surrounding rival products from Samsung, HTC or Apple, so LG has its hands full if it's suddenly going to push back the sharp end of the smartphone grid.

Via Reuters