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  HOME | Business & Economy (Click here for more)

South Korean Firm LG Looks for Successor to Hospitalized Chairman

SEOUL Ė South Koreaís LG Group held a board meeting Thursday to discuss a successor to its Chairman, who remains hospitalized in a critical state in Seoul.

The LG Group said in a statement that the meeting was held to discuss a successor to Koo Bon-moo, taking into account that his current health would limit his activities.

While no details have been provided about his health or the reason for his hospitalization, local media reported that Koo, 73, has been admitted to Seoul National University Hospital due to health problems plaguing him from last year.

Local media also claimed that since April 2017 Koo has undergone two surgeries probably related to a brain tumor, however there has been no official confirmation.

The board on Thursday discussed the possibility of the chairmanís son, Koo Kwang-mo, 40, taking over the reins of LG.

The statement, in which mentioned the nomination of the chairmanís son as his successor, said that Koo Kwang-mo has sufficient business experience and ability.

The voting on his nomination will take place on June 29 during the annual shareholders meeting.

Chairman Koo Bon-moo is the grandson of Koo In-hwoi, founder of chemical firm Lucky and electronics company Goldstar in 1947 and 1958, respectively.

The two firms merged in 1995 to become LG, considered the fourth-largest chaebol (large dynastic conglomerates) in South Korea.

 

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