LG Corporation

History

2021: Purchase of data analysis software developer Alphonso

In early January 2021, LG Electronics announced the acquisition of a controlling stake in Alphonso, a company that develops data analytics software. LG Electronics intends to use Alphonso solutions and its own technologies in the development of the Smart TV line. Read more here.

2020: Large-scale restructuring

At the end of November 2020, LG Group announced plans for organizational and personnel restructuring for 2021. Among other things, LG will spin off four of its 13 subsidiaries and create a new holding firm led by Ku Bon Dzhuna, uncle of LG's current chairman Ku Kwan Mo.

The list of these four branches includes LG International, Silicon Works, LG Hausys and LG MMA. The plan has already been approved by the company's board of directors. Given that it will take several years to split the leadership between members of the two owner families, LG will have two holding companies operating independently under the same roof.

The board of directors of the new holding company includes Ku Bong Joon, LG International CEO Son Chi and senior vice president Pak Chiang of LG Corp.'s finance department. The new firm will officially launch on May 1 after approval from shareholders, who will vote on March 26.

LG announced a large-scale restructuring

The latest restructuring plan aims to strengthen holding companies' control over the group's business portfolio, an LG Corp. spokesman explained.

While LG Corp. will focus its capabilities on manufacturing electronics, displays, chemicals, batteries and telecommunications, the new holding company will support subsidiaries with growth potential in the areas of resource development, logistics and building materials.

The chief executive officers of LG's major affiliates will retain their positions. A total of 181 executives will be promoted as a result of the restructuring, including four new presidents and one CEO. LG Corp. named Li Bang-soo, head of corporate social responsibility, as president of the holding company. Lee's role will be expanded to sustainably manage the group.^[1]

2018

Ku Kwan-mo is the new head of LG Group

On June 29, 2018, Ku Kwan-mo was appointed CEO of LG Group instead of his father Ku Bon Mu, who died in May. Thus, the family conglomerate continues the tradition of transferring power from father to son - in the case of Ku, we are talking about the fourth generation. Read more here.

Death of the Head of Ku Bon Mu

On May 20, 2018, it became known about the death of the chairman of the board of directors and the actual head of the LG Group conglomerate, Ku Bon Mu. Read more here.

2000

LG Group Holding entered the 21st century as one of the largest international companies, whose business interests included chemical, energy, industry, bioengineering, industrial and consumer electronics, telecommunications, service, financial and banking services. However, the leading area of ​ ​ the company, thanks to which LG gained fame all over the world, was, of course, high-tech electronics.