Official Launch of LX Holdings, Chairman Koo Bon-jun Appointed as CEO

Chairman Koo Bon-jun's Inaugural Speech: "A Company with No.1 DNA and a Pioneering Spirit on the Global Stage, Let's Build a Great Company Together Through Our Most Valuable Asset, People" Emphasized

[Asia Economy Reporter Kim Hyewon] The new holding company 'LX Holdings Co., Ltd.' established through the spin-off from LG Corporation officially launched.

On the 3rd, LX Holdings held its inaugural general meeting and board of directors meeting, announcing the appointment of Koo Bon-joon, LG Advisor, as the first CEO and Chairman of LX Holdings.

Chairman Koo joined Geumseong Semiconductor in 1985 and has served as CEO at LG Semiconductor, LG Philips LCD (now LG Display), LG International, and LG Electronics. The company stated, "He is recognized as a competitive leader preparing future businesses based on his passion for technology and bold execution."

In his inaugural speech, Chairman Koo emphasized, "The subsidiaries under LX Holdings are companies leading the domestic fabless semiconductor, interior materials, chemical materials (MMA), and forwarding markets with a number one DNA and pioneering spirit on the global stage. Let us build a great company that all members can be proud of through the most valuable asset of LX, its people."

LX Holdings appointed President Song Chi-ho (former CEO of LG International) as CEO, Vice President Noh In-ho (former CHO Executive Director of LG Chem) as Chief Human Resources Officer (CHO), Vice President Noh Jin-seo (current Vice President of LG Electronics Strategy Division) as Chief Strategy Officer (CSO), and Executive Director Park Jang-soo (current Executive Director at LG) as Chief Financial Officer (CFO).

An LX Holdings official explained, "This executive appointment focused on stabilizing the launch of the holding company and accelerating strategic initiatives based on experience in holding company management and a deep understanding of subsidiary businesses."

With the launch of LX Holdings, LG International, LG Hausys, Silicon Works, and LG MMA became subsidiaries, and Pantos, a subsidiary of LG International, was incorporated as an affiliate. Based on last year's consolidated financial statements of the five companies, sales amounted to 16.0248 trillion KRW, and operating profit was 402.5 billion KRW. The total assets (fair assets) including LX Holdings are estimated to be around 8 trillion KRW.

LX Holdings stated, "Based on an efficient governance structure and a robust business portfolio with high growth potential, we plan to implement customized strategies to diversify subsidiary businesses, improve profitability, achieve solid growth, and maximize shareholder value."

On the same day, LX Holdings unveiled its corporate CI and its meaning through its website. The 'L' in LX stands for Link, and the 'X' represents infinite possibilities for the future and a sustainable future (Next). The names of the five companies under LX Holdings will be changed within the second half of the year following each company's extraordinary general meeting.