SEOUL:– Citing the company’s recent earning slump, South Korea’s LG Electronics Inc. said Friday its CEO (chief executive officer) Nam Yong offered to resign, and vice chairman of LG International Corp., Koo Bon- joon, is all set to take office.

Nam’s resignation offer was accepted in the board of director’s meeting, according to the company, but till next March his position as director will be maintained.

With its Q2 earning plunging around 90 percent, the world’s third largest handset maker has been struggling from sluggish mobile phone sales. Nam Yong was widely expected to step down from his post at least by the year end, due to nosediving profit.

Shares of LG Electronics were selling at 88 U.S. dollars (102,500), which is up by 4.7 percent from the previous session.