Koo Dong-hwi, the former chief executive of LS Electric Co., was appointed chief operating officer (COO) of LS MnM Co. by LS Group as part of the parent company’s emphasis on secondary battery materials for sustainable growth. Koo is part of the third generation of the LS Group founding family.

The new COO is expected to lead the company’s battery unit and prepare it for a successful IPO, with LS Group planning to invest 2.5 trillion won ($1.9 billion) in the battery materials value chain.

LS Group announced its 2024 executive appointments at a regular board meeting on Tuesday. Koo was appointed COO of LS MnM while retaining his position as the company’s executive vice president. He is the eldest son of Koo Ja-yeol, Chairman of both the Korea International Trade Association and the Board of Directors of LS Corp. Koo Ja-yeol’s father, Koo Pyong-hwoi, is the fourth younger brother of the late Koo In-hwoi, the founder of LG Group.

The arrangement is expected to strengthen LS MnM’s secondary battery materials business. Formerly the CEO of E1 Corp, a liquefied petroleum gas (LPG) company, and LS Electric, the younger Koo is known for his experience in new and international business ventures.

According to company officials, LS Electric is poised to achieve record earnings this year under Koo’s tenure as COO.

LS Group secured a 49.9 percent stake in LS MnM (formerly LS Nikko-dong Smelting Co.) from Japan Korea Joint Smelting Co. (JKJS) for 933.1 billion won in 2022, signaling potential mid- to long-term plans for LS MnM’s listing. Following the acquisition, LS MnM, now a wholly owned subsidiary of LS, reported sales of 10.87 trillion won and operating profit of 514.3 billion won last year.

LS MnM plays a critical role in LS Group’s future value chain for secondary battery materials. Under the strategy, LS MnM will produce raw materials such as nickel sulfate, while LS-L&F Battery Solutions, a precursor production joint venture established by LS and battery maker L&F Co., will supply the materials to L&F. As precursors are essential raw materials for cathode materials in cells, LS MnM is involved in the first stage of secondary battery production.

In addition to Koo, LS Group appointed LS Electric’s Vice President of Strategy CIC Oh Jae-seok as the company’s president. Oh is known to have made significant progress in enhancing the business value of power projects.

By Kim Hui-soo and Han Yubin

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