Koo Bon-kyu Takes Office as CEO of LS Marine Solution

Koo Bon-kyu, CEO of LS Cable & System, has been appointed CEO of LS Marine Solution, driving synergies in LS Group's submarine cable business.By Choi Hyeonjae, MK News
October 4, 2024

Koo Bon-kyu, CEO of LS Cable & System (photo), officially took office as CEO of LS Marine Solution, a subsidiary of LS Group's submarine cable construction and maintenance. With Koo's concurrent position, synergy effects are expected to begin in earnest in the submarine cable business between the two companies.

LS Marine Solution, a subsidiary of LS Cable & System, announced on the 4th that CEO Koo's agenda to appoint its CEO was passed at an extraordinary shareholders' meeting held on the same day. As a result, LS Marine Solution will be operated under Koo Young-heon's single representative system to Koo Bon-gyu and Koo Young-heon's respective representative system. This is the first time that CEO Koo Bon-gyu will concurrently serve as the CEO of a subsidiary.

With Koo's concurrent position, it is expected that the plan to maximize synergy through “vertical integration” between LS Cable and LS Marine Solutions in the submarine cable business will gain momentum. LS Cable & System, which succeeded in acquiring KT Submarine (currently LS Marine Solution) last year, has completed vertical integration that enables collective orders (turn keys) from submarine cable design to material delivery, production, and construction. On top of that, as CEO Koo is also in charge of LS Marine Solution's headquarters, it is expected that the expansion of the submarine cable business with collective orders will accelerate. An official from the wire industry said, “I know that CEO Koo's will to target the global submarine cable market with capabilities that encompass design and construction is very strong.”

In fact, the two companies have recently been actively moving to expand their submarine cable business. LS Cable & System has recently invested 682.75 million dollars (about 910 billion won) in its U.S. subsidiary LS GreenLink to start construction of a new submarine cable plant in Chesapeake, Virginia, the U.S. next year. LS Cable & System is increasing production by operating undersea cable plants in Donghae, Gangwon-do, and its plant dedicated to ultra-high voltage direct current transmission (HVDC) undersea cables (undersea 4 buildings).

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