LS Cable honorary chairman dies at 93
By Nam Hyun-woo
The late LS Cable & System Honorary Chairman Koo Tai-hwoi
LS Cable & System Honorary Chairman Koo Tai-hwoi died of a chronic disease early Saturday morning, the cable manufacturer said. He was 93.
Koo is the younger brother of late LG Group founder Koo In-hwoi and was the only survivor of six brothers of the Koo family, who founded the group.
Along with two brothers, the late honorary chairman of E1 Koo Pyong-hwoi and late Yesco honorary chairman Koo Doo-hwoi, the deceased is the founder of LS Group, which was separated from LG Group in 2003.
Born in Jinyang, now Jinju, South Gyeongsang Province, Koo Tai-hwoi was a six-term lawmaker and served as vice parliamentary speaker in the mid-1970s. At the company, he went through senior posts in the early years of the LG Group. He had been honorary chairman of LS Cable & System since 2002.
Unlike other conglomerates in Korea, the Koo family had relatively smooth succession without legal hassles. The three brothers’ will was to have management succession between cousins so that there would be no feuds. Following their decision, Koo Cha-hong, the deceased’s oldest son and former LS Cable & System chairman, was succeeded by Koo Cha-yol, Koo Pyong-hwoi’s eldest son. The company is now chaired by Koo Cha-yub, the second son of Koo Tai-hwoi.
LS Cable & System has its core businesses in cables, and nonferrous metal and industrial engineering. The company posted 3.51 trillion won in sales last year.
The memorial ceremony will be held until Wednesday at Asan Medical Center in Songpa, Seoul.