(LEAD) LG's holding firm appoints CEO of mobile carrier as new COO

All News 16:17 July 16, 2018

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SEOUL, July 16 (Yonhap) -- The board of LG Corp. on Monday appointed the CEO of its mobile-carrier affiliate as its chief operating officer, marking the first major personnel reshuffle after Chairman Koo Kwang-mo became the new leader of South Korea's fourth-largest conglomerate earlier this month.

The conglomerate's holding company said LG Uplus CEO and Vice Chairman Kwon Young-soo was named as the chief operating officer.

LG Vice Chairman Ha Hyun-Hoi, meanwhile, was named as the new CEO of LG Uplus Corp., South Korea's No. 3 mobile carrier, through a separate board meeting on Monday.

LG said it will hold a shareholders' meeting on Aug. 29 to discuss naming Kwon as a new member of the board as well. Once approved as a member, LG said it will discuss naming Kwon as the CEO of LG Corp.

Kwon, who started his career in LG in 1979, has experience in the electronics, display and chemical affiliates.

It is the first major personnel appointment since Koo took over the conglomerate following the death of his stepfather, Koo Bon-moo, in May.

The young Koo was adopted by the late business tycoon from his brother to fulfill the LG family's tradition of handing over power to the chairman's eldest son.

The appointment will effectively make Kwon "second-in-command" of LG Group by becoming the joint leader of the holding firm with Koo, industry watchers said.

"Until recently, it was expected that LG Group would refrain from making a major personnel change before the regular reshuffle at year's end," a business insider said, claiming changes are being made at a faster-than-expected speed.