LG Chairman Dead, Son Takes Over
REUTERS: The adopted son of Koo Bon-moo, the chairman of LG Electronics has taken over the top job at the Korean Company, following the sudden death of his father Koo Bon-moo at the weekend, he was 73.
Mr Koo died on Sunday morning, he had been ill for some time and had recently undergone extensive surgery.
His adopted son, Koo Kwang-mo, 40, who was nominated to the board of LG on Thursday pending the approval of shareholders on June 29.
Koo Bon-moo was the third generation of his family to run the conglomerate. He was responsible for breaking the Company up into four divisions, he took responsibility for electronics, chemical and telecommunications businesses.
Under Mr Koo’s leadership, LG Group moved into businesses such as car batteries and energy in search for new revenue. LG Chem has grown into a leading car-battery maker, providing its products to such automakers as Ford Motor and Renault. In 2015, LG Electronics struck a deal to co-develop General Motors Bolt electric vehicle.
During the 23 years Mr Koo led the group, sales at LG Group increased more than five times to US $197 billion in 2017. The number of employees doubled to 210,000 in the same period.
He is survived by his wife, son Kwang-mo and two daughters. The son was adopted in 2004 from the older Mr Koo’s younger brother Koo Bon-neung, chairman of Heesung Group.
The younger Mr Koo joined the group’s LG Electronics unit in 2006 and is currently a vice president at the information displays operations. He’s been involved in mul tiple businesses such as appliances, home entertainment, and group strategy, according to LG.