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3rd-generation chiefs reorganize conglomerate portfolios
Posted : 2021-03-09 09:13
By Kim Hyun-bin
Third- and fourth-generation conglomerate chiefs are reorganizing their company portfolios, selling off unprofitable businesses and double downing on future growth sectors to gain competitiveness and better recover from the economic downturn caused by the COVID-19 pandemic.
Koo Kwang-mo who took the helm of LG Group in June 2018 has been focusing on new growth sectors including AI and robotics while selling off unprofitable businesses.
The chairman recently announced the company would sell off LG Electronics mobile communications division, which has incurred consecutive losses for the conglomerate for years.
Soon after he was appointed, LG liquidated fuel cell subsidiary LG Fuel Cell Systems, in addition to deciding to sell LG Electronics Hi-Entech and LG-Hitachi Water Solutions.