LG Electronics CEO, Nam Yong, has stepped down amid slumping mobile phones sales, according to a report today from The Wall Street Journal.

Nam Yong will be replaced by Koo Bon-joon, a member of the company's founding family, according to the report. Koo has been the chief executive of LG International Co., a trading firm and before that was an executive of LG Display Co.

Calls to LG for comment were not returned before press time.

The move comes as LG just recently launched two new Android-powered smarpthones, the Optimus One and the Optimus Chic.

Still, the company's market share has continued to slide on weak sales as Android OEMs HTC and Motorola make waves with their recent offerings.