LS MnM CEO gains ground on cousins in race for group control

LS MnM CEO Koo Dong-whi speaks to reporters during the InterBattery 2024 trade show at Coex in Seoul, March 6, 2024. Joint Press Corps

LS MnM CEO Koo Dong-whi has taken another step in his competition with LS Group’s other third-generation heirs for control of the cable-to-smelting conglomerate.

In the group’s recent year-end executive reshuffle, the 43-year-old was the only senior executive vice president promoted to president. His promotion came a year after he was appointed CEO of the nonferrous metals company.

“Since becoming LS MnM’s CEO, Koo has quickly restored profitability in the smelting business through efficient management and higher sales of precious metals,” LS Group said in a press release. “He aims to lead the group’s ecosystem for electric vehicle materials by advancing key businesses such as nickel sulfate and precursors for rechargeable batteries.”

Since 2021, LS Group has been led by Chairman Koo Ja-eun, the eldest son of Yesco Honorary Chairman Koo Doo-hwoi, who was the youngest brother of LG Group founder Koo In-hwoi.

The current chairman took control of the group from his eldest cousin, Koo Ja-yeol, who is the father of LS MnM’s CEO and chairs the board of the group’s holding company. Ja-yeol had succeeded his older cousin, Koo Cha-hong.

In line with precedent, Inveni Vice Chairman Koo Bon-hyuk, who heads an investment firm under LS Group, is seen as a leading candidate to succeed the incumbent chairman.

The eldest son of LS-Nikko Copper Chairman Koo Cha-myeong is the oldest among the group’s third-generation heirs in management and the only one to hold the title of vice chairman.

Inveni Vice Chairman Koo Bon-hyuk, left, and LS Cable & System President and CEO Koo Bon-kyu / Courtesy of LS Group

However, Dong-whi has secured a 3.04 percent stake in the holding company, second only to the incumbent chairman’s 3.69 percent, while Bon-hyuk owns 1.26 percent.

LS Cable & System (C&S) President and CEO Koo Bon-kyu, who owns a 1.17 percent stake in the holding company, has also been mentioned as a potential candidate for future leadership.

The son of former LS C&S Chairman Koo Cha-yub has been credited with guiding the cable maker to record earnings last year. In 2024, the company’s operating profit reached 274.7 billion won ($186 million), contributing significantly to the group’s overall profitability.

LS Group remains cautious about speculation over its next leadership, as the incumbent chairman’s term does not end until 2030.