Koo Kwang-mo’s Education
Chaebol, also known as tycoons in Korea, are powerful families that maintain hereditary traditions, such as the Lee family of the Samsung family. The LG family – the top 5 most powerful chaebols are similar, but there is a slight difference that the heir to this entire corporation is just the adopted son of the late LG chairman Koo Bon-moo.
Koo Kwang-Mo, 40 years old, is the heir to LG Corporation
The “special” heir
Koo Kwang-mo is actually the biological son of LG Electronics Vice President – Koo Bon-neung, younger brother of the late LG Chairman – Koo Boo-moo. It is known that Mr. Koo Boo-moo has two daughters, but these two soon did not participate in the management of the family business. After Mr. Koo Bon-neung died due to an unknown accident, Kwang-mo was officially adopted by the late Chairman Koo.
Koo Kwang-mo at an LG family event in February 2012.
Since its founding, the LG family has had an unbroken tradition of always handing power to the eldest son of the current Chairman.
Therefore, in 2018, when Mr. Koo Bon-moo passed away, Koo Kwang-mo succeeded his adoptive father and took over one of the largest corporations in Korea. In 2019, at the age of 41, Koo became the youngest chairman of the most powerful chaebol in Korea.
Mr. Koo Bon-neung (left) and the late LG chairman Koo Boo-moo (right) are both fathers of Koo Kwang-mo.
Someone once suspected that Kwang-mo tried to enter the late President’s family to take part of the property. inherit. However, employees who have worked with Koo Kwang-mo have commented that he is a talented and humble leader.
Koo Kwang-mo joined LG Group with a position in the finance department of LG Electronics in 2006. 5 years later, he was appointed as Deputy Head of the division. After that, he continued to be appointed to an executive position at the branch of LG Electronics in the US.
In 2014, Koo Kwang-mo returned as CEO of LG Synergy. He also worked at an LG manufacturing facility in Changwon, Gyeongsangnam Province, south of Seoul.
According to multiple sources, LG employees describe Koo Kwang-mo as “polite and humble” and occasionally play basketball with his co-workers.
However, his young age and lack of experience are said to be the main barriers for Mr. Koo Kwang-mo when taking over LG. However, the LG representative said that he had undergone “adequate management training” through many positions at LG Corp and LG Electronics.
Standard model of “people’s children”: handsome, talented, a lot of money
As the chairman of LG Group, Koo Kwang-mo has become the fourth generation leader of the family-controlled conglomerate. Speaking at the time of the transfer of power, Koo stated: “I have a plan to succeed and grow LG’s property, which creates value for consumers, respects people, and conducts sound management in compliance with ethics. If there are any areas that need to change change, I have a plan to improve and do my best to create a base for growth in the long run.”
Koo Kwang-mo was born in 1978 in Seoul. He studied Engineering at the University of Rochester in the US and holds a master’s degree in Business Administration from Stanford University.
The University of Rochester is one of the leading research universities in the United States. The school organizes teaching according to the individual model. Rochester remains one of the smallest class sizes among leading research universities, with a student/teacher ratio of 10:1 to increase student engagement and receptivity. classes.
The school has the Institute of Optics, which was founded in 1929 and was the first place in the United States to organize an education program specifically for the field of optics. It is considered one of the nation’s premier optical schools and a pioneer and leader in fundamental optical theory and research.
University of Rochester of the United States of America
According to Forbes statistics, Mr. Koo is currently the 13th richest person in Korea with a fortune of 1.8 billion USD. He is currently the Chairman and CEO of LG – the top 5 most powerful chaebol in Korea and also the largest shareholder in this group with a 17.52% stake.
Before taking over the top power at LG, Mr. Koo also showed his leadership talent when he and LG set up impressive business milestones. In 23 years with LG, Mr. Koo has helped the group’s revenue increase more than 5 times, to $ 148 billion in 2017.
During the past 2 years in his new position, although quite private, Chairman Koo showed that the changes he brought about were extremely positive. Koo Kwang-mo developed LG according to “pragmatism” and focused on selective and building management style.
LG’s workforce has undergone many changes based on meritocracy. Over the years, more than 100 new executives have been selected and those with poor performance have been fired.
Not only that, the group’s unorthodox and ineffective units have also been closed to ensure capital for future business activities.
Last year, LG liquidated its fuel cell subsidiary LG Fuel Cell Systems, which was investing in the development of next-generation fuel cells. That same year, LG Display withdrew from the lighting OLED business. This year, LG Chem sold its liquid crystal display business to a Chinese company.
LG sold its stake in the Beijing Twin Towers, held by LG Electronics, LG Chem and LG Corp, to secure about 1.37 trillion won ($1.14 billion) in cash this year.
With the funds secured, the group is now expected to promote new areas of technology, which could include car parts, artificial intelligence or biotechnology.
Over the past two years, LG has acquired new businesses, including US auto glue maker Uniseal, company Robostar, local TV company CJ HelloVision, Japanese cosmetics brand Evermere, American beauty company New Avon and the Asian and North American franchises of the European cosmetics brand Fisiogel.
The group is also increasing investment in new technologies. LG Technology Ventures, a venture capital fund that launched in Silicon Valley in 2018, has invested about 500 billion won in 18 global startups covering areas such as AI, robotics and autonomous driving.
In addition, Chairman Koo is also working to expand his network by meeting famous businessmen and politicians.
In June 2019, Chairman Koo held a private meeting with Saudi Crown Prince Mohammed bin Salman, who visited South Korea. During the meeting, they discussed the partnership in the field of home appliances.
A month later, he also met with Softbank Chairman Masayoshi Son, to discuss business issues related to the industrial revolution and a cooperation plan between the two sides. In November, four months after the meeting, the four major LG affiliates – LG Electronics, LG Chem, LG Uplus and LG CNS – decided to jointly invest about 20 billion won in a 320 billion won fund created by Softbank Ventures in field of AI.
In the last 1 year, LG stock has witnessed a slight increase, the market capitalization is now more than 16 trillion won, making it the 4th largest chaebol in Korea.
Young tycoon despite marrying “commoner”
The marriage of members of the chaebol family in Korea is almost always legal and based on interests, both economically and politically. However, for Koo Kwang-mo, it was different. His marriage has nothing to do with interests but rather a beautiful ending to his love story with his girlfriend Chung Hyo-jeong, the daughter of Mr. Chung Ki-ryeon, who owns a medium-sized food business. and small, cannot compare with the global size of the LG family.
It is known that the couple met while studying abroad in New York, USA, from 2004 to 2006. The two started their relationship in the early days of coming to live in a foreign country. Acquaintances commented that Chung Hyo-jeong is a kind and sincere person, so she is very popular with everyone around.
Wedding photo of the couple of President Koo Kwang-mo.
According to Chung Hyo-jeong’s share, her husband, even though he is the adopted son of LG Group, has a simple lifestyle and nurtures the two’s feelings through romantic dates.
Of course, their love story was opposed by Koo Kwang-mo’s family because of the distance between fame and social status. In addition, the girl’s family has no intention of marrying their daughter into a chaebol family because they don’t want Chung Hyo-jeong to be under a lot of pressure.
Despite objections from the two families, Koo Kwang-mo and Chung Hyo-jeong still followed the call of their hearts. They got married in 2009 in a simple, secret wedding ceremony because they did not want to attract the attention of the media and the public and now have two children, a son and a daughter. This disparate marriage became famous throughout Korea because it was rare for a young man from a chaebol family to marry such a “commoner” girl and the two’s feelings could not be avoided. unsustainable area from people around.
Synthetic
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