By Jane Chung and Ju-min Park <\/p>\n
SEOUL (Reuters) – 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. <\/p>\n
Koo, 73, had been ill for a year, LG Group said in a statement. <\/p>\n
Koo had been fighting a brain disease and had undergone surgery, said a group official who declined to be identified. <\/p>\n
“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. <\/p>\n
LG Group also established a holding company in order to streamline ownership structure and to begin the process of succession. <\/p>\n
The country’s powerful family-run conglomerates are implementing generational succession amid growing calls from the government and public to improve transparency and corporate governance. <\/p>\n
LG Corp <003550.KS>, a holding company of the conglomerate, had said on Thursday its longtime chairman was unwell and it planned to nominate his son to its board of directors in preparation for a leadership succession. <\/p>\n
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