Koo chairman of South Koreas LG group dies
News & Trends •
he joined the finance division of lg electronics in 2006 and has been involved in several businesses such as appliances home entertainment and group strategy lg said1 the chairman of lg group koo bon-moo who helped transform south koreas fourth-largest conglomerate into a global brand passed away on sunday after a battle with a brain disease1 koo had been fighting a brain disease and had undergone surgery said a group official who declined to be identified1 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 koreas industrial competitiveness and national economic development lg said1 lg group also established a holding company in order to streamline ownership structure and to begin the process of succession1 the countrys powerful family-run conglomerates are implementing generational succession amid growing calls from the government and public to improve transparency and corporate governance1 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 succession1 heir apparent koo kwang-mo is from the fourth generation of lg groups controlling family. he owns 6 percent of lg corp and currently heads lg electronics information display unit1 koo 73 had been ill for a year lg group said in a statement1 the late chairman adopted koo in 2004 from his younger brother koo bon-neung after his only son died in a car accident1 the change at the helm is not expected to be disruptive to the groups business one analyst told reuters1 although koo passed away at a relatively early age his son has already been in a senior position and i dont think there will be a big change in governance structure or strategic decisions said park ju-gun head of corporate analysis firm ceo score1 under koos leadership the conglomerate changed its corporate brand to lg from lucky goldstar and sold lgs semiconductor business to hyundai now sk hynix inc under government-led restructuring in the wake of the asia financial crisis in the late 1990s1 major affiliates are lg electronics inc display maker lg display and electric car battery maker lg chem1 south korean prosecutors said this month they raided lg groups head office as part of a probe into alleged tax evasion by family members controlling the conglomerate1 the company said koos funeral would be held privately with family members. visitors including samsung group heir jay y. lee have paid their condolences at his altar1