S.Korea's LG Group chairman dies at 73 (updated)

LG Uplus

20/05/2018 04:18

(Adds details, background)
    SEOUL, May 20 (Reuters) - 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  003550.KS , 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.  urn:newsml:reuters.com:*:nL3N1SO2HT
    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  066570.KS .
    The senior Koo's funeral will be held privately at the
request of the family, the company said. 

 (Reporting by Jane Chung and Ju-min Park; Editing by Jacqueline
Wong)
 ((jane.chung@thomsonreuters.com; +82 2 3704 5667; Reuters
Messaging: jane.chung.thomsonreuters.com@reuters.net))