Wednesday, July 03, 2013: The exit of all veteran officers from the white goods manufacturing company, LG India is official now with the resignation of YV Verma, the director of home appliances business. This marks the end of an exodus that started last year as he put in his papers this Monday. On a statement made to ET, he said he has several offers now at hand but is yet to decide upon a final move.
There is, however, buzz in the industry that Verma might join Mirc Electronics, the Mumbai-based makers of Onida. Mirc Electronics is also a manufacturer of white goods including televisions and he would be joining as the MD and chief executive officer. However, there was no confirmation from Gulu Mirchandani, the chairman of Mirc Electronics.
A spokesman from LG India said now that Verma has signed his resignations, his position would be taken up by Soon Kwoon, the MD of the company and he will be overseeing the responsibilities until a suitable replacement is made.
The home appliances business sector of LG comprises microwaves, refrigerators, water purifiers, washing machines, built-in kitchens and vacuum cleaners. Verma had been known as the ‘doc’ in the industry and was with the Korean brand since its inception in India in 1997. He had started out as the HR head for India and later became the chief operating officer in 2010. It is only this last year that he took up the responsibility of the Managing Director for home appliance business. Verma is also the only Indian to be heading a desk after the company brought in Korean experts for various positions.