LG Group Chairman dead

LG Group Chairman Koo Bon-moo (in pic), who helped transform South Korea’s fourth-largest conglomerate into a global brand, passed away on Sunday due to a brain disease. He was aged 73.

“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 economic development,” LG said.

LG Corp 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 owns 6% of LG Corp, and heads LG Electronics’ information display unit.