LG’s CEO has sent out a memo to employees warning the company could exit the smartphone business after suffering significant losses.

Once a major player in the smartphone market, LG has been eclipsed by Apple, Samsung, Huawei and others. As a result, the company has lost approximately $4.5 billion over the last five years.

According to The Korea Herald, CEO Kwon Bong-seok sent a message to staff that big changes are coming, including possibly a full exit from the smartphone business.

“Since the competition in the global market for mobile devices is getting fiercer, it is about time for LG to make a cold judgment and the best choice,” an LG official explained. “The company is considering all possible measures, including sale, withdrawal and downsizing of the smartphone business.”

The timing is somewhat odd, as the company just teased a rollable smartphone display at CES, leaving its future in doubt.