S Korea’s LG Group head dies from illness at 73

Seoul, May 20

The chairman of LG Group, Koo Bon-moo, who helped transform South Korea’s fourth-largest 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. Koo had been fighting a brain disease and had undergone surgery.

“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.

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 currently heads LG Electronics’ information display unit. — Reuters

Koo Bon-moo — An iconic figure

Koo Bon-moo is credited with expanding the business empire — centred around consumer electronics, displays and chemicals — founded by his grandfather in 1947

Koo reportedly requested his adopted son, Koo Kwang-mo, succeed him to lead the family-controlled conglomerate

The 40-year-old is the eldest son of Koo’s younger brother but was adopted by the entrepreneur in 2004 after he lost his own son in a car accident in the 1990s