Verma resigns from LG

Sources say he may be joining Onida.

YV Verma, Director of Home Appliances Business at LG India has resigned from his post marking the exit of almost all senior officials of the country’s white goods maker. In a conversation with Economic times, he said, “I have put in my papers today morning”. “I have a few offers in hand and have decided on the next move”. A rumour in the industry has suggested that Verma is to join Mumbai based corporation, Mirc Electronics the makers of Onida as its MD and CEO. In any case, the Chairman of Mirc, Gulu Mirchandani has declined to confirm the same. LG India’s Managing Director Soon Kwoon said he will look after the operations in the interim period, responding to a mail. Verma has been associated with LG since 1997, ever since the brand made its inception in India in 1997. Verma was the only Indian in the firms’ boat of top management officials after the company brought in a sea of Korean expats to look its various ventures in India. Verma’s exit from LG came as a shock to many as he was closely associated with the firm and even authored a novel highlighting its uphill task of becoming a leading brand in India titled ‘Passion- The untold story of LG Electronics- India’. LG India is desperately trying to make a turnaround in the market and such an event at this point in time is truly a loss. LG India’s Rs. 16,000 crore venture has been flat in the last two years as the economy is seeing a downturn and consumers are reserving their strings discretionary spending. LG India targets its revenues at Rs. 25,000 cores within the next three years which shall make India its third largest contributor globally.