LG Group chairman dies from illness at 73

SEOUL: The chairman of LG Group, Koo Bon-moo, who helped transform South Korea's fourth-largest conglomerate into a global brand, passed away on Sunday after a battle with a brain disease.

Koo, 73, had been ill for a year, LG Group said in a statement. Koo had been fighting a brain disease and had undergone surgery, said a group official who declined to be identified.

"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 national economic development," LG said.

LG Group also established a holding company in order to streamline ownership structure and to begin the process of succession.