News
- LS Writes New History as Holding Company
- 2008-07-03, Hit : 1999
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LS Writes New History as Holding Company Five years since separating from LG, LS Group has restructured itself into a holding company.
The group’s key affiliate, LS Cable, has been separated into three independent entities as of July 1: holding company LS Corporations and commercial affiliates LS Cable and LS Mtron.LS Cable will be responsible for key cable businesses while LS Mtron will deal with automobile and electronic parts businesses. Consequently, LS Corporation will hold LS Cable, LS Mtron, LS Industrial Systems and LS-Nikko Copper as affiliates and around 20 domestic and international sub-affiliates including JS Cable.
The holding company will plan the overall business portfolio including pioneering of new business areas and M&A plans while systematically managing the LS brand.
LS Group Chairman Ku Ja-hong will be seated as LS Corporation CEO and board of directors’ chairman while LS Cable Vice Chairman Ku Ja-yeol will concurrently take over the CEO positions at both LS Cable and LS Mtron.
Professional Vice CEOs including Vice CEO Lee Kwang-woo (LS Corporation), Vice CEO Sohn Jong-ho (LS Cable) and Vice CEO Shim Jae-seol (LS Mtron) were also appointed as new CEOs along with the group’s owners.
A group official stressed, “To intensify liability management per affiliate, Vice CEOs were appointed as CEOs.” LS group is the first Korean conglomerate to restructure into a holding company through physical division.
[Dong-eun Lee / KHS] [ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved] 07-01, 2008 19:48:13
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