LG has announced that its Chairman, Koo Bon-moo, has died at the age of 73. His adopted son, Koo Kwang-mo is expected to step into his shoes, according to a report published by Bloomberg.
Koo junior was nominated to the LG Corp board last Thursday. He currently holds the role of Vice President at the group’s Electronics unit. His appointment is subject to shareholder approval.
“There seems almost no risk in LG’s succession plan as the group appointed a successor early and the Koo family has the largest stake in the holding company. LG’s heir is likely to take the role of a board chairman and let professional management executives lead the business,” Park Ju-gun, President at CEOScore, a research organization, told Bloomberg.
Under Koo senior’s stewardship, LG Group’s sales increased more than five times to KRW160 trillion in 2017. A statement emailed to Bloomberg by LG Group revealed that Koo has been ill for more than a year.