Leaders reflected in LG Group’s successes

Home > Business > Industry

Leaders reflected in LG Group’s successes

Published: 10 Feb. 2016, 18:33

“Yonam” Koo In-hwoi, the founder of LG Group, is one of Korea’s first business leaders. He laid the foundation for the country’s chemicals and electronics industry at a time when the country lacked both technology and funding.

Yonam expanded his businesses into a conglomerate, with chemicals and electronics as its two major pillars. But since it established Luk Hui Chemical Industrial Corporation in 1941, LG Group has been gradually diversifying its business portfolio.

LG Group developed under Yonam’s management philosophy that emphasized harmony and a pioneering spirit.

Yonam’s characteristics, such as his interest in new technologies, are reflected in many of LG Group’s achievements, including the conglomerate’s distinction as the first in Korea to manufacture radios.

“Sangnam” Koo Ja-kyung, who became the group’s second chairman after his father, further expanded the conglomerate’s founding philosophy. He sought out sustainable growth through a management strategy that focused on respecting customers while pursuing innovation.

He also helped LG Group become a global company by diversifying its business portfolios while adopting innovative strategies to match the changing times.

Lee Kun-hee, honorary professor at Ewha Womans University