Gu Jahong, Founding Chairman of LS Group, Passes Away at 76 Due to Illness (Comprehensive)

First Chairman After Separation from LG Group... Serving as Chairman of LS Nikko Dongjeon Since 2015

[Image source=Yonhap News]

[Asia Economy Reporter Lee Hye-young] Gu Ja-hong, the first chairman of LS Group, a member of the LG family, and the current chairman of LS Nikko Copper Inc., passed away on the morning of the 11th at the age of 76.

LS Group announced that former Chairman Gu passed away around 8 a.m. that day. A company official stated, "It is understood that he passed away due to an illness."

Born in 1946, the late Gu was the eldest son of the late Gu Tae-hoe, honorary chairman and the third brother of the late Gu In-hoe, the founder of LG.

After graduating from Kyunggi High School and majoring in economics at Princeton University in the United States, he returned to Korea at the call of his uncle, Gu In-hoe, the first chairman of LG Group, and joined Bando Corporation (now LX International, formerly LG Corporation) in 1973.

He then served as the head of Bando Corporation's Hong Kong branch and was promoted to head of the Lucky-Goldstar Trading Singapore branch. He became an executive director of Goldstar's overseas business division and was promoted to managing director the following year. At age 45, he served as CEO and vice chairman. After Goldstar changed its name to LG Electronics in 1995, he was promoted to president, then quickly advanced to vice chairman and chairman.

After LS Group separated from LG Group, he served as the first chairman of LS Group from 2004 to 2012, leading the group and laying the foundation for its leap forward.

He expanded the core businesses of electricity, electronics, materials, and energy through mergers and acquisitions (M&A), diversified the business, and implemented a global growth strategy, increasing sales fourfold, profits threefold, and corporate value sevenfold compared to the time of the spin-off. He is especially recognized for fostering eco-friendly businesses such as smart grids, renewable energy, electric vehicle core components, and overseas resource development as next-generation core businesses.

During his nine years as the first chairman of LS Group, he followed the principle of "cousin joint management" established by the previous generation of LS Group and handed over the chairmanship to his cousin Gu Ja-yeol in 2013. Since 2015, he had served as chairman of LS Nikko Copper Inc.

He often emphasized, "Nurturing talent is the most important task for the future of the Korean economy. Next-generation talent must have love for people, passion for work, and dedication to society."

He is survived by his wife, Ji Soon-hye, eldest daughter Na-yoon, and son Bon-woong. His eldest son, Bon-woong, is not involved in LS Group management and works as the CEO of the venture investment company Formation 8 Group.

The funeral will be held at Seoul Asan Medical Center.

Meanwhile, LS Group was founded by the third, fourth, and fifth brothers of the late Gu In-hoe, the founder of LG: the late Gu Tae-hoe, Gu Pyeong-hoe, and Gu Du-hoe. The late Gu was the eldest son of the third brother, the late Gu Tae-hoe, honorary chairman. Currently, Gu Ja-eun, eldest son of the fifth brother Gu Du-hoe, former honorary chairman of YESCO, leads LS Group.

LS Group currently has about 50 affiliates. Major affiliates include LS Cable & System, the world's third-largest cable manufacturer; LS Electric, a power, automation, and smart energy company; LS Nikko Copper Inc., a smelting company; and E1, which operates in the LPG business.

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