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The split between LG consultants and Koo Bon-joon (69) has begun in earnest. Contrary to market expectations, Koo decided to set up a new holding instead of trading shares. It is analyzed that, while deciding on independent management, they have chosen a method that alleviates as much as possible the burden on the LG group and its grandson, LG CEO Kwang-mo Koo.
Choosing to establish a holding company instead of the stock exchange
A way to ease my grandson Gwangmo Gu’s burden
Silicon Works appears to focus on the parts business
LG Group human resources, promoted the majority of female executives
Koo Bonjun
On the 26th, LG Corp. held a board meeting and agreed on a demerger plan to form a new holding company, “LG New Holdings (provisional name)”, dividing four companies, including LG International, Silicon Works, LG Hausys and LG MMA. The CEO of the new holding will be director Bonjun Koo and Chiho Song, who was CEO of LG International. It is the same as when Huh Chang-soo, president of the National Federation of Entrepreneurs, and his family became independent of LG and founded GS.
The division ratio of LG Corp. and Koo Bon-joon (newly established LG holding company) was set at 0.912 versus 0.088. If the proposed affiliate division is approved by the general meeting of shareholders in March next year, the current shareholders of LG Corp. will have shares in the existing and newly incorporated companies equal to the division ratio.
The separation between the uncle and the nephew risks being a mutual victory, like the family of Koo and Heo 16 years ago. First, LG Corp., CEO Kwang-mo Koo, was able to invest in new business areas without losses from the sale of LG CNS shares (about 35%) and Serveone shares (about KRW 1.93 trillion. ). This is because the company was relieved of the burden of buying 1 trillion won (7.72%) of shares held by her uncle-gu’s adviser in the form of own shares. LG Corp. said, “We plan to focus on strengthening the competitiveness of the core business of the electronics, chemicals and telecommunications services businesses and ensuring new engines of growth in the future.”
If Koo Bon-joon manages LG International’s subsidiary Pantos (logistics company) under the division plan, major subsidiaries, such as LG Electronics and LG Chem, can escape the “job problem”. Since the former director did not sell the stake in LG Corp., it is possible for the time being to serve as a friendly stake for CEO Gwang-mo Koo.
LG also shares. Graphic = Reporter Cha Junhong [email protected]
Counselor Koo Bon-joon can also continue his long-term parts business. Silicon Works, which designs television-mounted display driver chips (DDI), is a subsidiary followed by former consultants, who have thick bones in semiconductors and displays. The former consultant has been involved in the display industry since the days of LG Philips (LG Display’s predecessor). Through Silicon Works, consultant Koo Bon-joon can expand the system (non-memory) semiconductor business. When Koo was CEO of LG Semiconductor in 1997, he had to sell the company to Hyundai Electronics, which is mostly DRAM due to the big government issue.
On this day, the major affiliates held the board of directors at the same time and served as regular executives. It is analyzed that they have chosen “innovation in stability” rather than generational change.
Greetings from the LG group
The total number of executives this year was 181, up slightly from last year (168). Lee Bang-soo, recently appointed LG president, LG Chem Son Ji-woong, president Lee Myung-gwan of LG’s Management Development Institute, Son Bo-ik, president of Silicon Works, and Lee Sang-gyu, division president Korea sales of LG Electronics. Hwang Hyun-sik, president of LG Uplus, became the new CEO when Ha Hyun-hoe, vice president, decided to step down.
This is in contrast to the fact that most CEOs aged 60 or older retired from executives last year. It is interpreted as a reflection of the pragmatism of LG CEO Kwang-mo Koo who will boldly select young talent to innovate while pursuing stability in preparation for greater management uncertainty such as Corona 19.
The number of new executives (executive promotion) also reached 124, surpassing 106 last year. Specifically, there were 24 new executives under the age of 45, up from 21 each in the past two years. The youngest executive is Ji-kyung Ji (37, female), head of LG H&H’s China Digital Business Division. After last year, a total of three new executives born in the 1980s were selected. An LG official said: “The number of promotions for young talents who have achieved results in fields of digital transformation, such as artificial intelligence (AI), big data and the cloud, as well as in the fields of research and development and engineering, has been expanded “.
15 female executives were also promoted this year, the highest on record, including 4 executives and 11 new executives. Two companies, including LG Display (executive director Kim Hee-yeon) and LG U Plus (executive director Yeo Myung-hee and Kim Sae-ra), produced the first female executive directors. The number of female executives in the group went from 39 (end of last year) to 51.
Reporters Kim Young-min and Jang Ju-young [email protected]
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