Confirming a report from late last month, it now appears that Philips will sell off the majority of its stake in the LG.Philips LCD production consortium, a source from the company told Reuters. Therefore, LG.Philips LCD Co. will subsequently be known as LG Electronics Inc
The source also said that a new CFO and vice president will be hired- replacing departed Philips executives- and that the new setup will be approved at a shareholders’ meeting Feb. 29. LG and Philips formed the partnership in 1999 and spun it off into a public company in 2004.
Philips’ move to dissolve the partnership was first reported, also by Reuters, in January; Philips is expected to retain a 2-3 percent stake.