The group chairman of LG, Koo Bon-moo , passed away Sunday morning at the age of 73.
An official from LG Group said he died peacefully with his family watching.
Koo, who led Korea's fourth largest conglomerate for more than 20 years, had several brain surgeries earlier this year and was recently hospitalized as conditions worsened.
The late entrepreneur is considered instrumental in turning its affiliate company, LG Electronics, into a global player in displays, telecommunications and home appliances.
He leaves behind his wife, two daughters and 40-year-old adopted son Koo Kwang-mo , who is seen as the heir to the LG conglomerate.