South Korea’s fourth-largest conglomerate, LG Group, said its Chairman Koo Bon-moo did Sunday.

Koo, 73, had been struggling with an illness for a year, LG Group said in a statement.

“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.

A group official said Koo had been unwell for a year and had undergone surgery. The official declined to be named because of the sensitivity of the matter.

Before its chairman’s death, LG Group had established a holding company in order to streamline ownership structure and begin the process of succession.

Heir apparent Koo Kwang-mo is from the fourth generation of LG Group’s controlling family. He owns 6 percent of LG Corp and works as a senior official at LG Electronics Inc.

The senior Koo’s funeral will be private at the request of the family, the company said.
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