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LS heirs appointed to key positions

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By Ko Dong-hwan
  • Published KST
  • Updated KST

Koo Dong-hwi, chief operating officer of LS MnM / Courtesy of LS Group

Heirs of LS Group have climbed to key positions in the conglomerate's subsidiaries to strengthen its leadership in its rechargeable battery and electricity supplying businesses, according to the conglomerate, Tuesday.

LS Electric's Executive Vice President Koo Dong-hwi, the eldest son of the group's Chairman Koo Ja-yeol and third-generation heir-apparent of the founding family, became the chief operating officer (COO) of LS Metals and Materials (MnM). The appointment, following a board members' meeting on Tuesday, puts him at the frontline of the battery material developer's rechargeable battery businesses, which the company is betting on for global competition.

LS MnM has received an investment from the conglomerate this year of over 2.5 trillion won ($1.9 billion) to tighten its battery material value chains. Now that its on its way to becoming listed for public offering, the firm, according to the group, will receive a further boost from the new COO whose management skills have been proven in his previous roles. With experiences of managing liquified petroleum gas (LPG) company E1 and electricity supply firm LS Electric, Koo is recognized for having expanded new businesses overseas.

LS MnM last year recorded over 10.8 trillion won in sales and profited 514 billion won. The performance came after the conglomerate bought 49.9 percent of LS MnM's stocks from Japan Korea Joint Smelting (JKJS) for 933 billion won last year, thereby becoming the complete owner of the company.

"LS Electric, under Koo's leadership, is expected to see record numbers in performances this year," said an official from the conglomerate. "This time, he has been given the charge of LS MnM's IPO."

The second-daughter of Chairman Koo, So-hee, has also been appointed to an executive spot at LS Electric. This is the first case of a female being appointed to a decision-making seat from the owner family and she will now take charge of further developing the company's digital competitiveness, said the official.