LG Group recently welcomed a fourth generation CEO.
Founded in 1947 by Koo In-Hwoi, the South Korean family-run business LG Group has been run for four generations by the Koo family. The industrial conglomerate specializing in home appliances and electronics is now headed by Koo Kwang-mo, the adopted son of his predecessor Koo Bon-moo. In the LG Group, it is the eldest son who traditionally takes over from his father at the helm of the company. Koo Bon-moo, who has only two daughters, adopted his nephew in 2004 with the aim of taking over. This adoption practice is common in Eastern businesses. Moreover, it has been widely documented in Japan.