LS Group conducted a regular reshuffle of CEOs, promoting Koo Bon-hyuk, Koo Dong-hwi and Koo Bon-gwon, all of whom are third-generation offspring of the LS group founders.
The third-generation offspring of the founders have been at the forefront of the group’s subsidiaries.
The public’s focus is on whether the third-generation cousins will head LS group on a rotational basis in the future.
Under the group’s intrinsic “cousin management structure,” the helm of the group has now been handed over to Chairman Koo Ja-eun, the second-generation offspring of the founders.
The latest reshuffle is expected to heat up a race over who will succeed the current chairman, some analysts said.
LS Group said on Nov. 26 CEO Koo Bon-hyuk of Yesco Holdings was appointed vice chairman, while COO Koo Dong-hwi of LS MnM was promoted to CEO.
Executive Vice President Koo Bon-kwon of the Sales Division at LS MnM was appointed to be senior executive vice president of the Business Division at the company.
Vice Chairman & CEO Koo Bon-hyuk plans to implement mid- and long-term goals of raising the size of asset management to 1 trillion own and corporate value to 1 trillion won by 2030.
CEO Koo Dong-hwi plans to play leading role in the battery material business, one of the three new core businesses under the group’s “Vision 2030.”
Senior Executive Vice President Koo Bon-kwon is to take the helm of the business of LS MnM.
(from left) Vice Chairman & CEO Koo Bon-hyk of Yesco Holdings, CEO Koo Dong-hwi of LS MnM, and Senior Executive Vice President Koo Bon-kwon of LS MnM.
The business community is paying attention to who will become a successor to Chairman Koo Ja-eun among the G3 offspring.
CEO Koo Bon-yuck and Senior Executive Vice President Koo Bon-kwon are cousins by blood. They have second-cousin relations with CEO Koo Dong-hwi.
Earlier, LS group agreed to have the eldest sons of first-generation honorary chairmen - Koo Tae-hoe, Koo Pyeong-hoe and Koo Doo-hwoe - take the helm of the group on a rotational basis.
Under the precedent, former chairman Koo Ja-hong, the eldest son of honorary chairman Koo Tae-hoe, and Chairman Koo Ja-yeol of LS Board of Directors, the eldest son of honorary chairman Koo Pyong-hoe, each serve as chairman of the business group for nine years in succession.
Current Chairman Koo Ja-eun, the eldest son of honorary chairman Koo Doo-hoe, took office as chairman of the business group in 2022.
If the precedent concerning the cousin management structure is retained, one of the G3 offspring who have been promoted in the latest reshuffle is most likely to be a successor when current group Chairman Koo’s terms ends in 2030 or later.
LS Group Chmn. Koo Calls for Advancing ‘Vision 2030’ by Making Most of AI
LS Group held the 2024 LS Future Day, an opportunity to pledge the group’s future growth to comply with an AI era at LS Tower in Anyang, Gyeonggi-do, on Sept. 27.
The 2024 LS Future Day marked the third time since the LS T-Fair, which made its debut in 2004, has been expanded to cover the existing business areas and future business segments.
The step aims to further accelerate the so-called ambidextrous management LS Chairman Koo Ja-eun has implemented since his inauguration.
The event was attended by about 200 executives and staffers of the group and its subsidiaries, including LS Chairman Koo, CEOs, COOs, and CTOs.
Participants took time out to share idea proposals of new businesses and top R&D outcome cases.
Twenty-one select projects proposed by each company completed in the contest.
They included customer experience innovation via generative AI in the three big segments — new business, technology and innovation — and building of EV charging stations connected with ESS using ultra-capacity.
