20.05.2018
By Yun Jiyeon
Today LG Group Chairman Gu Bonmu passed away due chronic illness. Now LG begins the task of appointing a 4th generation top executive to succeed Gu.
Gu Bonmo led the family-owned LG Group for 23 years, having followed his father, who was the group’s honorary chairman, as the company head. Gu had undergone brain surgery several times with his condition having worsened recently. Gu entered the company in 1975 and was promoted to Group Chairman in 1995. LG grew by more than five times, from ₩30 trillion at the end of 1994 to ₩160 trillion last year. In particular, overseas sales increased from ₩10 trillion to ₩110 trillion, even once the GS, LS and LIG divisions of the company had been separated.
By focusing on communications technology, displays, energy, biotechnology and so on Gu was able to create positive growth. He also took the lead in improving the company’s corporate culture by changing its name from Lucky Goldstar to LG and instigating a holding company structure.
LG has advised that Gu’s funeral will be a private family farewell, not open to the public, in accordance with the deceased’s wishes for a quiet funeral.
The procedure for appointment of a registered director of LG Group will be followed at an extraordinary shareholders’ meeting, due to be held on the 29th of next month.