Koo Kwang-mo, the son of LG Group’s late Chairman Koo Bon-moo, (died in May) is now the new CEO of LG group. Last month on June 29, Koo Kwang-mo officially designated the fourth-generation leader of the family-controlled conglomerate of LG.
Koo Kwang-mo did study at the Rochester Institute of Technology and in 2006, he joined at LG Group by starting his career at the financial division of LG Electronics. By the way, he also worked at the US arm of LG Electronics and its Changwon-based production line in southeastern Korea.
Right now Kwang-mo holds a 6.24 percent stake in the holding firm. But in the near future, he will become the top shareholder when he will inherit the 11.28-percent stake from his late father Koo Bon-Joon, who was the younger brother of the late tycoon currently holds a 7.72-percent stake.
Furthermore, Kwang-mo will jointly lead the holding firm with LG Vice Chairman Ha Hyun-Hoi. However, regarding of the new position Kwang-mo said in a statement that “I plan to succeed and develop the assets of LG, which are creating value for consumers, respecting people, and carrying out morally correct management. 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.”
Long story short, Koo was adopted by the late business tycoon in order to fulfil the LG family’s custom of giving over the power to the chairman‘s eldest son was named as the newest board member during a shareholders meeting of LG Corp.
It has now become a history in LG that for the first time a great-grandchild of the founder will be leading one of Korea’s top 10 conglomerates. LG Group currently holds various globally known affiliates under its wings including LG Electronics and LG Chem, is considered the country’s No. 4 business group.