LG taps Koo Kwang-mo as new CEO
He currently holds a 6.24 percent stake in the holding firm. When he inherits the 11.28-percent stake of his late father, he will become the top shareholder. Koo Bon-joon, who is a younger brother of the late tycoon, currently holds a 7.72-percent stake.
“I plan to succeed and develop the assets of LG, which are creating value for consumers, respecting people, and carrying out morally correct management,” Koo said in a statement. “If there are any areas that need change, I plan to improve them, and make every effort to establish grounds for growth over the long run.”
Koo will jointly lead the holding firm with LG Vice Chairman Ha Hyun-Hoi.
The appointment marks the first time that a great-grandchild of the founder will head one of Korea’s top 10 conglomerates. LG Group, which holds various globally known affiliates under its wing, including LG Electronics and LG Chem, is considered the country’s No. 4 business group.
Koo Bon-moo died in May at the age of 73, after undergoing brain surgery several times earlier this year, leaving behind two daughters and Kwang-mo, who was adopted from the late tycoon’s younger brother Koo Bon-neung.
The heir studied at the Rochester Institute of Technology and joined LG Group by starting his career at the financial division of LG Electronics in 2006. He also worked at the US arm of LG Electronics and its Changwon-based production line in southeastern Korea.
By Song Seung-hyun and newswires (firstname.lastname@example.org)