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​LG chairman Koo Bon-moo dies

LG Group chairman Koo Bon-moo, the leader of South Korea's fourth-largest conglomerate, has passed away. He will be remembered for transforming LG to a global technological powerhouse.

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LG Chairman Koo Bon-moo, 73, was instrumental in turning the conglomerate into a global technology powerhouse.

LG Group chairman Koo Bon-moo, the boss of the South Korean conglomerate which runs LG Electronics and LG Display, died Sunday, the company confirmed.

He passed away peacefully surrounded by family, LG said, after a year-long fight with disease.

He was 73.

Koo was hospitalized earlier from failing health due from brain tumor surgery last year. LG Corp, the parent company of the group, moved to nominate his son and heir Kwoo Kwang-mo as an insider director earlier to prepare for succession.

The elder Koo was the third-generation boss of South Korea's fourth largest conglomerate.

He took over the chairmanship from his father Koo Ja-kyung in 1995. The conglomerate rebranded itself to LG from Lucky Goldstar under his tenure and expanded globally.

The group's revenue rose from 30 trillion won that year to 160 trillion won today -- with 110 trillion won earned abroad.

He was behind the firm's investment in to Liquid Crystal Display (LCD) and lithium-ion batteries. LG Display today is a leading player in LCD and OLED panels. LG Chem is one the largest suppliers of electric car batteries today.

During his tenure, LG also entered the telco industry and formed subsidiary LG Uplus that is a leader in LTE.

He stressed the important of research and development and the need to take the long view in development.