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LG Names Fourth Gen Heir Koo Kwang Mo as New CEO

LG Names Fourth-Gen Heir Koo Kwang-Mo as New CEO 6l6h6p

By Indo-Asian News Service | Updated: 29 June 2018 18:29 IST

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Marking leadership transition at South Korea's LG Group, Koo Kwang-mo, the son of the family-controlled conglomerate's late Chairman Koo Bon-moo, became a board member of the holding firm and its CEO on Friday. 4p2c1n

Koo Kwang-mo, who was adopted by the late business tycoon so as to fulfil the family's tradition of handing over power to the chairman's eldest son, effectively became the fourth-generation leader of conglomerate, Yonhap news agency reported.

The appointment marks the first time that a great-grandchild of the founder will head one of South Korea's top 10 conglomerates.

LG Group, which holds various globally-known s under its wing, including LG Electronics and LG Chem, is considered South Korea's fourth-biggest business group.

Koo was named as the newest board member during the group's shareholders' meeting on Friday and was named by the board as CEO later in the day.

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, the report said.

"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 was quoted as saying 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," he added.

Koo will tly lead the holding firm with LG Vice Chairman Ha Hyun-Hoi.

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 Koo Kwang-mo, who was adopted from the late tycoon's younger brother Koo Bon-neung.

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LG Names Fourth-Gen Heir Koo Kwang-Mo as New CEO 6l6h6p

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