[Photo] Korean chaebol LG Group’s 4th-generation inheritor

Citing chairman Koo Bon-moo’s illness as the primary reason, the LG Group held an emergency meeting of directors on May 17 and nominated Koo’s only son Koo Kwang-mo (aged 40), division chief (managing director) for LG Electronics’ B2B project headquarters, to become an internal board member. The meeting occurred after chairman Koo Bon-moo (aged 73) was declared to be in critical condition. If the promotion is approved by shareholders in a meeting scheduled for June 29, the chaebol will likely be transferred to a fourth-generation inheritor of the Koo family. The move is expected to incite criticism concern that the transfer of power is based on extending the Koo family’s influence as opposed to fair business practices.