Yesco Holdings CEO Koo Bon-hyuk, 42, voluntarily stepped down from his role 10 days after his appointment, citing a lack of experience, the company announced Wednesday.

Koo is the third-generation scion of the Koo-family who founded and own LS Group, the overarching business above Yesco Holdings, the holding entity of city gas retailers.

His promotion from the executive vice president of LS-Nikko Copper to the CEO position at Yesco Holdings had made headlines last year as what many perceived as a prelude to the group’s generational shift. 

Koo started in his new post from Jan. 1 as previously notified, but wished to take more time to hone his business skills, Yesco Holdings said.

He will work and learn as the head of future business division at Yesco Holdings, and return as the CEO next year, at the earliest.

LS Group is a Korean conglomerate spun off from LG Group in 2003 with a metal and cable business.

Koo is the son of the late LS-Nikko Copper Chairman Koo Ja-myung, and nephew of Yesco Holdings Chairman Koo Ja-cheol.

He started his career at the group’s key unit LS Cable & System in 2003 and picked up management experience at the holding entity LS Corp. and LS Nikko Copper’s head office.

By Lim Jeong-yeo (kaylalim@heraldcorp.com)