Marking management transition at South Korea’s LG Group, Koo Kwang-mo, the son of the relatives-controlled conglomerate’s late Chairman Koo Bon-moo, grew to become a board member of the holding company and its CEO on Friday.
Koo Kwang-mo, who was adopted by the late company tycoon so as to fulfil the family’s custom of handing about electrical power to the chairman’s eldest son, successfully grew to become the fourth-technology leader of conglomerate, Yonhap information agency noted.
The appointment marks the first time that a great-grandchild of the founder will head one particular of South Korea’s best 10 conglomerates.
LG Team, which holds several globally-recognized affiliate marketers less than its wing, like LG Electronics and LG Chem, is regarded South Korea’s fourth-most significant business team.
Koo was named as the latest board member throughout the group’s shareholders’ meeting on Friday and was named by the board as CEO afterwards in the working day.
He at the moment retains a 6.24 % stake in the holding business. When he inherits the 11.28-p.c stake of his late father, he will come to be the leading shareholder, the report explained.
“I plan to realize success and produce the assets of LG, which are creating value for individuals, respecting men and women, and carrying out morally suitable management,” Koo was quoted as declaring in a assertion.
“If there are any spots that require modify, I approach to improve them, and make just about every work to set up grounds for progress around the long run,” he additional.
Koo will jointly lead the holding firm with LG Vice Chairman Ha Hyun-Hoi.
Koo Bon-moo died in May perhaps at the age of 73, right after going through brain surgery numerous occasions earlier this yr, leaving powering two daughters and Koo Kwang-mo, who was adopted from the late tycoon’s young brother Koo Bon-neung.