The late LS Cable & System Honorary Chairman Koo Tae-hwoi

LS Cable & System Honorary Chairman Koo Tae-hwoi, who had made a splash in the Korean business and political fields, died at the age of 93 on May 7. The late Koo, who served as vice speaker of the National Assembly, was an iconic symbol of respect and leadership. 

He is the younger brother of the late LG Group founder Koo In-hwoi, and he was the last surviving first-generation member of the pan-LG Group family. 

The late Koo, a graduate of Jinju Public Middle School in 1941, graduated from Fukuoka High School in Japan in 1943. He began his business career as an executive vice president of the predecessor of LG Chem after studying at Seoul National University’s Political Department. He was credited with developing a cosmetic container cover, leading to LG Group’s establishment of a solid platform in the plastics business. 

He was elected to the National Assembly five times after he began to serve as a representative of the fourth National Assembly in 1958. He also served as a minister without portfolio for two years from 1973 and as vice speaker in 1976 before he returned to the business world as a founder and advisor of LG Group. 

The late Koo is praised for laying the groundwork for the joint management of LS Group among his offspring. “True to the late Koo’s tenets, second-generation offspring of LS Group are not engaged in family feuds for management control unlike other business groups,” a business source said. 

The so-called “30,000-won Club” is an exemplary management practice of the late Koo’s frugality. The Koo couple had a meal with their six offspring and their wives once every two months. The meeting was dubbed as the 30,000-won Club due to a regulation that eating costs should not exceed 30,000 won per person. 

The late Koo is bereaved by his eldest son, LS-Nikko Copper Chairman John Koo, LS Cable & System Chairman Koo Cha-yup, Yesco Chairman Koo Ja-cheol, and two others.

A view of the altar of the late LS Cable & System Honorary Chairman Koo Tae-hwoi.

The late LS Cable & System Honorary Chairman Koo Tae-hwoi is seen looking at products at the Lucky-Gold Star, the predecessor of LG Group. (Photo:LS Cable & System)