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[SUPER RICH] Koo Kwang-mo steps closer to LG inheritance
By Korea HeraldPublished : May 19, 2015 - 19:07
Koo Kwang-mo, son of LG Group chairman Koo Bon-moo, emerged as the heir-apparent of the 71.2 trillion won ($71 billion) conglomerate this week as it was revealed that he owns the largest number of company shares among contenders.
Although he is the biological child of Heesung Group chairman Koo Bon-neung ― younger brother of Bon-moo ― he was adopted in order to inherit the group’s management. The LG founding clan has a strict patriarchal inheritance structure, granting exclusive rights to eldest sons.
According to CEO Score Daily news, the value of the heir-apparent’s stake in the business empire is estimated at 722 billion won, the third highest among the Koo clan. Bon-moo holds the highest number of shares, followed by his younger brother, LG vice chairman Koo Bon-joon. As such, Kwang-mo’s stake is the largest among his cousins, thus cementing his status in the Koo family, observers say.
The news outlet points that his wealth is increasing at a rapid pace, with the value of his shares jumping by 167.6 billion won from 554.4 billion won in early 2014.
The increase is attributed to his purchase of 90,000 shares for 5.4 billion won last year, alongside another 7 percent stake of Pantos Logistics ― LG International Corp. bought 51 percent of the logistics company.
Kwang-mo is also thought to have benefited from both sides of his heritage.
Although he is the biological child of Heesung Group chairman Koo Bon-neung ― younger brother of Bon-moo ― he was adopted in order to inherit the group’s management. The LG founding clan has a strict patriarchal inheritance structure, granting exclusive rights to eldest sons.
According to CEO Score Daily news, the value of the heir-apparent’s stake in the business empire is estimated at 722 billion won, the third highest among the Koo clan. Bon-moo holds the highest number of shares, followed by his younger brother, LG vice chairman Koo Bon-joon. As such, Kwang-mo’s stake is the largest among his cousins, thus cementing his status in the Koo family, observers say.
The news outlet points that his wealth is increasing at a rapid pace, with the value of his shares jumping by 167.6 billion won from 554.4 billion won in early 2014.
The increase is attributed to his purchase of 90,000 shares for 5.4 billion won last year, alongside another 7 percent stake of Pantos Logistics ― LG International Corp. bought 51 percent of the logistics company.
Kwang-mo is also thought to have benefited from both sides of his heritage.
His adoptive father has given him full support and promoted him as the company’s senior executive in November last year, only seven months after he was made director in April.
Also, his biological father gave him a total of 1.9 million shares of LG, the holding company of the group.
Little is known about Kwang-mo at this point, except for the fact that he was born in 1978, went to Rochester Institute of Technology and earned an MBA at Stanford. He joined LG in 2006, took two years off for his MBA and returned in 2009.
“He is known to be a quiet person, well mannereed and nice to everyone. But he is a mystery among the workers, too,” an LG insider said.
By Bae Ji-sook (baejisook@heraldcorp.com)
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Articles by Korea Herald
