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LG Group’s new chairman becomes LG Corp.’s largest shareholder
By Cho Chung-unPublished : Nov. 2, 2018 - 16:32
With the shares he inherited from his father, LG Group Chairman Koo Kwang-mo has become the largest shareholder in LG Corp., a holding company that controls the nation’s fourth-largest conglomerate, the company said Friday.
Koo inherited an 8.8 percent stake in the holding company from the late Chairman Koo Mon-moo, who had held an 11.3 percent stake. The new chairman now holds a 15 percent stake in LG Corp., according to the statement. Previously, he held 6.2 percent.
Koo inherited an 8.8 percent stake in the holding company from the late Chairman Koo Mon-moo, who had held an 11.3 percent stake. The new chairman now holds a 15 percent stake in LG Corp., according to the statement. Previously, he held 6.2 percent.
Koo inherited his father’s throne soon after the elder Koo’s sudden death in May.
Koo Kwang-mo was born the son of the late Koo’s younger brother Koo Bon-neung. Under LG’s strict policy of excluding women from management roles, Koo Kwang-mo was adopted in 2004 by the late Koo, who had daughters but no sons.
Reports say Koo is subject to inheritance taxes of approximately 900 billion won, which he is expected to pay over a five-year period.
By Cho Chung-un (christory@heraldcorp.com)
