SEOUL, SOUTH KOREA: South Korea's LG Display Co Ltd said on Friday that its head of TV business will take over as chief executive in 2012 in a surprise announcement as the flat-screen maker struggles with mounting losses and weak demand.

"This new executive nomination is entirely on the basis of performance in strengthening LG Display's global business capabilities that escalated its position in the global market," the company said in a statement.

Han Sang-beom, executive vice-president and head of the TV division, will take over from Kwon Young-soo, who will move to LG Chem Ltd to lead the company's rechargeable battery business.