1st Anniversary of the Passing of LG Chairman Koo Ja-kyung Today... "A Pioneer of Challenge and Innovation"

The late Koo Ja-kyung, Chairman of LG

[Asia Economy Reporter Changhwan Lee] LG announced that on the 14th, the first anniversary of the passing of Chairman Koo Ja-kyung of Sangnam, the company aired a video within the company commemorating the late chairman's life as an entrepreneur.

The approximately 10-minute memorial video focused on the late chairman's management philosophy, emphasizing that "the indomitable spirit of challenge and pioneering most urgently required in corporate management comes from a future-oriented enterprising spirit," and that "running full speed toward the future is precisely corporate activity."

The late Chairman Koo Ja-kyung, who took office as LG Group chairman in 1970, is regarded as an "apostle of innovation" who consistently emphasized "challenge and innovation" for 25 years and led LG's remarkable growth, as well as an entrepreneur who laid the foundation of South Korea's chemical and electronics industries.

In particular, with the belief in a "strong land, small country, technology powerhouse," he led the revival of the nation's chemical and electronics industries by establishing about 70 research institutes during his tenure as chairman, starting with the first private research institute, Lucky Central Research Institute, in 1979.

He pioneered transparent management by taking Lucky Chemical and Geumseong Corporation public, fostered professional managers, and established an autonomous management system, laying the foundation for LG to become a global company today.

Furthermore, he declared "human respect management" and the then unfamiliar concept of "customer value management" as new management philosophies to lead change. Judging that generational change was necessary to respond swiftly in an era of infinite competition, he chose a "no-cause" succession and stepped down from the front lines of management, becoming a model in the business community.

The memorial video also included interviews with former LG top executives recalling Chairman Koo. Former Minister of Knowledge Economy and former head of LG Economic Research Institute, Yoon-ho Lee, reminisced, saying, "I believe LG laid the foundation for our country's electronics and chemical industries during Chairman Sangnam's period."

Moon-ho Lee, Chairman of the LG Public Foundation, recalled, "He was someone who constantly pioneered new things and thought about improvements," adding, "While managing the company, he always thought about ways to enrich and improve the lives of many people, not just about making money."

Meanwhile, aside from the video screening on this day, no separate memorial events were held in consideration of the COVID-19 situation.

This content was produced with the assistance of AI translation services.