LG Display to replace its chief executive

South Korea's LG Display Co Ltd on Monday said it has named LG Chem President Jeong Ho-young as its new chief executive officer.

The Apple supplier said Chief Executive Han Sang-beom will step down, LG Display said in a statement.

The display maker said in a statement it held an emergency board meeting to accept Han's resignation and appointed Jeong, currently chief operations officer and chief finance officer at LG Chem.

The appointment of a new CEO is subject to the approval of shareholders at a meeting scheduled next March.