LG to spin off 4 units, names new LGE head.

(From The Korea Herald)

By Kim Sung-mi The LG Group, Korea's second-largest conglomerate, said yesterday that it would spin off four affiliates and that it had replaced the head of its flagship electronics unit as part of group-wide restructuring efforts.

The group said it would apply to the Fair Trade Commission for the separation of its gas, cable and copper business units early next month, as the group is trying to streamline operations and focus on core areas.

John Koo, a relative of LG Group Chairman Koo Bon-moo, resigned as chief executive officer of LG Electronics, the nation's second-largest electronics company, the group said.

John Koo will oversee the four spun-off units - LG Cable Ltd., LG-Caltex Gas Co., LG-Nikko Copper Inc. and Kukdong City Gas Co. The companies have been controlled by group advisors and the younger brothers of the late LG founder Koo In-hwoi.

LGE Vice Chairman Kim Ssang-su, 58, has been named to succeed John Koo.

LG Group, with total assets worth 58.57 trillion won ($49.7 billion), has a web of 51 business affiliates ranging from electronics and chemical concerns to telecommunications and financial service companies.