Koo Kwang-mo, the son of late LG Group Chairman Koo Bon-moo became a board member of the group's holding firm LG Corporation.

At a shareholders' meeting of LG Corporation on Friday, the 40-year-old senior executive at LG Electronics was named a new board member, and later given the CEO title.

With the latest appointment, Koo effectively became the fourth-generation leader of the family-controlled conglomerate.

While Koo will jointly lead the holding firm with LG Vice Chairman Ha Hyun-hoi, each of the group's affiliates will continue to be run by a professional CEO.

The brother of late chairman and LG Vice Chairman Koo Bon-joon, meanwhile, has decided to leave the group later this year, apparently in line with the family tradition.