'Balance and Moderation' Management Philosophy... Honorary Chairman Gu Jawon Passes Away

[Asia Economy Reporter Kim Hyewon] Jinbong (晉峰) Koo Ja-won, Honorary Chairman of LIG Group, who passed away peacefully on the 28th, lived by the management principle of 'balance and moderation' throughout his life. Having engaged in various businesses over many years, he often emphasized that "in any situation, one must keep their eyes and ears open on both sides," highlighting that maintaining rational balance is the most important aspect of corporate management.

Honorary Chairman Koo, who passed away at the age of 86 due to an illness, was born in 1935 in Jinyang-gun, Gyeongnam, as the eldest son of Koo Cheol-hoe, the younger brother of Koo In-hoe, the founder of LG Group. Raised under the strict Confucian family tradition, he was exceptionally responsible from a young age. After studying law at Korea University and the University of Cologne in Germany, he took his first step as a business executive by joining Lucky in 1964.

With the management philosophy that "strong responsibility moves the world," Honorary Chairman Koo spent nearly 40 years with LG, overseeing companies such as Geumseongsa, Geumseong Communication, Lucky Development, Geumseong Machinery, LG Metal, and LG Information & Communications. He always wished to be remembered as a "warm-hearted business leader." In 1979, he led International Securities, bringing a new wave to Korea’s then barren securities market.

Having experienced various industries across multiple companies, Honorary Chairman Koo was known for his taciturn yet sharp work handling and precise judgment, leaving remarkable achievements. Above all, his time at Lucky Development was indispensable in his management career. In 1986, as CEO of Lucky Development, he brought a revolutionary change to the existing housing concept by constructing the Olympic Family Town apartments, the first in Korea to apply a home automation system. The Yeouido LG Twin Towers marked a page in modern architectural history, and the LG Inhwa Institute, completed during his tenure, continues to serve as a cradle for nurturing outstanding talent.

Koo Ja-won, Honorary Chairman of LIG Group

In 1999, with the spin-off of LG Fire & Marine Insurance, Honorary Chairman Koo took the helm as chairman of LIG Insurance (formerly LG Fire & Marine Insurance), ushering in an era of independent management for LIG Group. He was recognized for leading changes and innovations in the insurance industry by being the first among non-life insurers to enter the home shopping sales market and pioneering the bancassurance sector.

Additionally, driven by a sense of mission to contribute to South Korea’s self-reliant defense and a goal to lead the development of advanced weapon systems in the future defense industry, he acquired the defense business division of LG Innotek in 2004. Through continuous and bold investments in talent development and research and development (R&D) capabilities, Honorary Chairman Koo is credited as the key figure who transformed LIG Nex1, which had sales of around 200 billion KRW at the time of acquisition, into a leading comprehensive defense company in South Korea today.

Known by the pen name "Jinbong," meaning "Mountain Peak of Jinju," the late chairman enjoyed mountain climbing throughout his life. In 2002, he even undertook an expedition to Vinson Massif, the highest peak in Antarctica, with the late mountaineer Park Young-seok. He lived a life remembered as a business leader who was a guide from afar and an eternal pillar up close, much like a mountain.

He is survived by Koo Bon-sang, chairman of LIG Nex1; Koo Bon-yeop, former vice president of LIG Construction; and Ms. Koo Ji-yeon and Ms. Koo Ji-jung. The funeral will be held privately according to the family’s wishes. The funeral hall is prepared in Room 30 of Seoul Asan Medical Center. The funeral procession will take place on the morning of the 31st, and the burial site is the family cemetery in Jinju, Gyeongnam.