SEOUL: South Korea’s fourth-largest conglomerate LG Group said its Chairman Koo Bon-moo passed away on Sunday due to illness.
Koo, 73, had been struggling with an illness for a year, LG Group said in a statement.
“Becoming the third chairman of LG at the age of 50 in 1995, Koo established key three 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.
A group official said Koo had been unwell for a year and had undergone surgery. The official declined to be named due to the sensitivity of the matter.
Prior to its chairman’s death, LG Group had established a holding company in order to streamline ownership structure and begin the process of succession.
LG Corp, a holding company of the electronics-to-chemicals conglomerate, said on Thursday its longtime chairman was unwell and 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 percent of LG Corp and works as a senior official at LG Electronics Inc.
The senior Koo’s funeral will be held privately at the request of the family, the company said.
The post South Korea’s LG Group chairman dies at 73 appeared first on The Himalayan Times.
No comments: