Koo Bon-moo, chairman of South Korea’s fourth-largest conglomerate LG Group passed away on Sunday due to illness.
LG Group said its 73-year-old chairman has died after a year-long fight with illness. The late chairman reportedly had brain surgeries last year and had been suffering from side effects. His family refused life-sustaining treatment and decided to hold a private funeral as the deceased had wished, according to a group official.
Koo was born in 1945 as the eldest son of LG Group Honorary Chairman Koo Cha-kyung, the eldest son of group founder Koo In-hwoi.
He joined LG Chem in 1975 and ascended to chairman of the conglomerate in 1995 after taking various management positions within the group. He also served as vice chairman of the Federation of Korean Industries, president of the group’s non-profit foundations and professional baseball team.
He is credited for successfully leading Korea’s fourth-largest business conglomerate with aggressive business expansion into areas like telecom service, automotive parts, display, and energy while growing the group’s mainstay electronics and chemical units. Also, he focused on strengthening research and development, investing 4 trillion won (3.7 billion) on establishing the country’s largest research and testing hotbed LG Science Park in western Seoul.
The group’s chairmanship is to be handed over to the late chairman’s adopted son and vice chairman LG Electronics Koo Kwang-mo. The group’s holding entity LG Corp. last Thursday nominated younger Koo as a registered member of the board of directors to prepare for a succession. Kwang-mo was born to Koo Bon-neung, head of Heesung Group and younger brother of the late group chairman. He was adopted by the late group head, who did not have any sons, under the family tradition.
By Lee Jae-cheol and Cho Jeehyun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]