[THE INVESTOR] The head of LG Electronics’ smartphone division Cho Juno purchased some 117 million won (US$101,900) worth of company stocks this week, the company said in a regulatory filing on Feb. 10.
Market watchers suspect that this is meant to show his confidence in the new smartphone to be unveiled later in the month. According to the filing, Cho bought 2,000 company stocks at 58,700 won per share, which amounts to 117.4 million won. He now owns 4,637 shares of the firm.
LG's mobile chief Cho Juno
LG aims to play it safe with G6
LG Electronics is scheduled to take the cloak off of its new flagship smartphone, the G6, at the annual technology fair in Spain on Feb. 26, a lineup that could decide the fate of Cho’s division after two market flops with two preceding models under his leadership. The debut is the first time for the company to show its new smartphone ahead of its local rival, Samsung Electronics.
“For Cho to buy company stocks before the launch of the strategic smartphone can be taken as a show of his confidence in the new product or his determination to make it a success,” an industry official said.