LG Group’s chairman dies at 73

seoul — The chairman of LG Group, Koo Bon-moo, who helped transform South Korea’s fourthlargest conglomerate into a global brand, passed away on Sunday after a battle with a brain disease.

Koo, 73, had been ill for a year, LG Group said in a statement. Koo had been fighting a brain disease and had undergone surgery, said a group official who declined to be identified.

“Becoming the third chairman of LG at the age of 50 in 1995, Koo established three key businesses — electronics, chemicals and telecommunications — led a global company LG, and contributed to driving (South Korea’s) industrial competitiveness and national economic development,” LG said.

LG Group also established a holding company in order to streamline ownership structure and to begin the process of succession.

The country’s powerful family-run conglomerates are implementing generational succession amid growing calls from the government and public to improve transparency and corporate governance.

LG Corp, a holding company of the conglomerate, had said on Thursday its longtime chairman was unwell and it planned to nominate his son to its board of directors in preparation for a leadership succession.

Heir apparent Koo Kwang-mo is from the fourth generation of LG Group’s controlling family. He owns 6 per cent of LG Corp and currently heads LG Electronics’ information display unit. — Reuters