For years, LG has released flagship smartphones in tandem with Samsung, but its devices have consistently played second fiddle. Now, LG's Vice Chairman Cho Sung-jin has confirmed a significant strategy shift at the company. LG will no longer launch phones in the G and V series on a set yearly schedule. Instead, it'll launch phones "when it is needed."

Before this announcement, we've all been able to expect a G-series release in the spring and V-series in the fall. That lines up with Samsung's Galaxy S and Note cycle. LG hasn't been keeping up very well, though. Some of its recent phone launches have been hampered by outdated hardware and non-existent marketing. The mobile division has also been losing money for years. LG recently reported a quarterly profit after a string of losses, but that was no thanks to the mobile division. LG's mobile unit is expected to post its 11th straight quarterly loss.

It's unclear if this new strategy will affect the LG G7 (or whatever it's called). That phone was expected to launch in several months with LG Pay. Going forward, Cho Sung-jin says the company will stick with the same platform for longer. It may, however, release more variants of the G or V-series devices before moving on. LG's Vice Chairman didn't address the mobile unit's losses when making this announcement—one would hope LG has a plan to return to mobile profitability that goes beyond releasing phones less often. Time will tell.