LG Group Chairman Koo Bon-moo,... who led the nation's fourth-largest conglomerate,... passed away in Seoul on Sunday.
He was 73 years old.
As well as being known for his key role in LG's many successes,.... he's also remembered for his 'human-centered' management.
Lee Seung-jae reports.
Koo Bon-moo died on Sunday,... after undergoing multiple brain surgeries in recent years.
While the nation mourns the loss of one of the pioneers in the nation's electronics industry,... many are remembering the legacy he leaves.
Koo, the oldest grandson of LG Group's co-founder Koo In-hwoi ,.... began working in 1975 for the Lak Hui Chemical Industrial Corporation, now known as LG Chemicals and started making cosmetics before expanding into plastics and household products such as toothpaste.
Koo Bon-moo would move up the corporate ladder quickly, before being named LG Group Chairman in 1995.
Under Koo's 23-year leadership,... the Korean home-appliance maker became one of the world's top five phone brands and its LCD business is now neck-and-neck with Samsung Electronics.
LG Group's sales also increased more than five-fold to 148-billion U.S. dollars in 2017 from 27-billion dollars in 1994.
Under Koo's stewardship,... LG's overseas sales also increased tenfold to 102-billion dollars during the same period.
Despite helping the company grow into one of the world's biggest electronics giants,... Koo is widely remembered for his integrity and 'human-centered' management.
In fact, during the Choi Soon-sil power abuse scandal, which saw a number of Korean conglomerates questioned by the prosecution,... LG was excluded.
And according to a survey released this month by the Korea CSR Research Center,... LG Group topped the list among local conglomerates,... both for credibility concerning the business itself and the integrity of the owner family.
Based on his philosophy,... Koo had always been keen on attracting talent and investing in long-term research and development.
Koo is also remembered for his treatment of employees, regardless of their backgrounds and educational prestige,.. creating a fair corporate culture.
An example of his beliefs,... was LG Electronics Vice President Cho Sung-jin,... who became the first high school graduate to become a top LG Group executive.
With his passing on Sunday,... the torch will now be passed to his adopted son Koo Kwang-mo,... who was recently nominated to the board of LG Corporation last Thursday.
His funeral will be quiet and simple.
Just like he was as the chairman: soft-spoken and humble.
His New Year's address from last year sums up his legacy. "Let us earn respect from the people and society."
Lee Seung-jae, Arirang News