South Korean electronics conglomerate LG Group announced this morning that the company longtime chairman Koo Bon-Moo has passed away at 73.
Koo death follows a year-long battle with brain disease, for which he had undergone surgery, according to Reuters.The executive stepped into the role in 1995 and served as a driving force in establishing LG as an electronics powerhouse.
His tenure focused on electronics, chemicals and telecom, and Koo also oversaw the company transition from Lucky Goldstar to the more streamlined LG, a name change that occurred the year he took power.
Bloomberg notes that the company more than quintupled sales under Koo near quarter-century tenure atop LG.
Koo Kwang-mo, the late-executive adopted son, is expect to take over the reins of the company, marking the fourth generation of family control for the electronics company.
The younger Koo has been with the company since 2006, starting in its finance division and now running its information display unit.Koo Kwang-mo was nominated to the company board on Thursday.
His approval is pending a shareholder vote late next month,.