Summary
As the third chairman of LG Group in 1995, the late Chairman Koo Bon-moo built on the foundation laid by his grandfather, founder Koo In-hwoi, and father, Chairman Koo Ja-kyung. He initiated intense management innovation and new business development centered on the three business pillars of electronics, chemicals, and telecommunications services.
As a result, he built LG into a global company with sales of 160 trillion won and more than 210,000 employees as of the end of 2017. He accelerated the pace of business structure modernization and focused on manufacturing and R&D innovation to renew core businesses and foster future growth businesses.
Mr. Koo began his career at Lucky Chemical (now LG Chem) in 1975 as a section chief in the screening department, where he gained over 20 years of experience in sales, screening, export, and planning.
One of Mr. Koo’s major achievements is that he boldly entered the barren secondary battery business in Korea in the early 1990s and continued to invest in R&D for over 20 years. Even in 2005, when the company was losing more than 200 billion won, there was a discussion whether to keep the business, but Mr. Koo persuaded others to continue investing, and today LG Chem is a global leader in the electric vehicle battery business.
Mr. Koo is also credited with revolutionizing LG Group’s structure and management style. In March 2003, he became the first Korean conglomerate to switch to a holding company, and in 2005, he successfully separated from the Heo family that had jointly managed the LG group for 57 years. This allowed LG to break with the old system where the head of the group made all the decisions and lay the foundation for responsible management, where the CEOs of each affiliate operate autonomously through consensus.
Mr. Koo is also recognized for expanding the company by focusing on strengthening LG’s R&D capabilities and securing talent. In 2018, he launched LG Science Park, a convergence research center in Seoul’s Magok Industrial Complex, with a four-year investment of 4 trillion won. With 20 research facilities on a 170,000-square-meter site, the size of 24 soccer fields, Koo has created an environment that enables convergent research between LG’s various business areas.
Timeline
▲ February 10, 1945 = Born.
▲ 1972 = Completed Bachelor’s Degree at Ashland University.
▲ 1974 = Completed Master’s Degree at Cleveland State University.
▲ 1975 = Screening Manager of LG Chem.
▲ 1977 = Executive Manager of LG Chem export management sector.
▲ 1981 = Director of LG Electronics.
▲ 1983 = Director of LG Electronics Tokyo branch.
▲ 1984 = Managing Director of LG Electronics Tokyo branch.
▲ 1985 = Managing Director of LG Chairman’s office.
▲ 1986 = Vice President of LG Chairman’s office.
▲ 1989 = Vice President of LG.
▲ 1995 = President of LG.
