Koo Doo-hwoi, LG Group’s co-founder and honorary chairman of city gas supplier Yesco, died from chronic diseases at the age of 83 on Friday.

Borned in Jinju, South Gyeongsang Province, in 1928, he graduated from Korea University in 1955 and received his master’s degree in business at New York University in 1958.

He then started his career by working at Hanil Bank, a predecessor to Woori Bank, moving on to Gold Star ― now LG Electronics ― in 1963.

As a first-generation businessman with the LG family, he took charge of many projects in the company’s portfolio, including electronics, energy and oil refining, during the 70s and 80s.

Koo, together with two other family members, led the spin-off of LS Group from LG Group in 2003, beginning a new chapter of joint business management for the Koo family.

Koo and his wife have one son and three daughters.

By Cho Ji-hyun (sharon@heraldcorp.com)