LG Corp., holding company of South Korea’s fourth-largest, family-owned conglomerate LG Group under a new leadership of 40-year-old Koo Kwang-mo, will appoint Kwon Young-soo, vice chairman of LG Uplus Corp. as its vice chairman to help the group realign under the leadership of a young chairman.
Koo became LG Group’s new head after his father and the group’s chairman Koo Bon-moo passed away in May after a year-long fight with illness. The younger Koo was appointed as the holding company’s chief executive late last month.
According to sources from the business circle on Thursday, LG will convene a temporary shareholders meeting next Monday and an extraordinary shareholders meeting next month to vote on appointing Kwon as an executive director. Once its proposal is approved, Kwon will become new co-chief executive officer.
Kwon who joined LG Electronics in 1979 served as the electronics maker’s financial chief before he led the management of LG Group’s other key affiliates LG Display, LG Chem, and LG Uplus. He is known to have strong financial background on top of his vast experience as a senior executive manager.
Industry watchers assume that LG Group is reshuffling its top management earlier than expected to help the conglomerate settle down quickly under Koo. They predict Koo will lead the group’s investment and exploration into new businesses such as robotics and artificial intelligence technology while Kwon oversees daily operations.
By Chun Gyung-woon and Cho Jeehyun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]