LG Chairman Koo Bon-Moo Dies

(RTTNews) - South Korea's LG Group chairman, Koo Bon-moo, passed away on Sunday after a battle with brain disease. LG Group said in a statement that Koo, 73, had been ill for a year.

"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.

LG Corp, 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.