LG names 40-year-old founding family member as new CEO

South Korea's fourth largest conglomerate LG has announced the appointment of Koo Kwang-mo, the 40-year-old son of the family-controlled conglomerate's late Chairman Koo Bon-moo, as a board member of the holding firm and its CEO. Kwang-mo currently holds a 6.24% stake in the holding firm. He has become the fourth-generation leader of the family-controlled conglomerate.