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November 17, 2018

LG taps Koo Kwang-mo as new CEO

PUBLISHED : June 29, 2018 - 14:44

UPDATED : July 04, 2018 - 15:14

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[THE INVESTOR] Koo Kwang-mo, the son of LG Group's late Chairman Koo Bon-moo, became a board member of the holding firm and its CEO on June 29 effectively becoming the fourth-generation leader of the family-controlled conglomerate.

Koo, who was adopted by the late business tycoon so as to fulfill the LG family’s tradition of handing over power to the chairman‘s eldest son, was named as the newest board member during a shareholders meeting of LG Corp.  


Koo Kwang-mo



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 (ssh@heraldcorp.com)

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