Koo Bon-moo in 2016
DURBAN - After the death of LG Chairman Koo Bon-moo his adopted son is set to take over in his place.

Koo Bon-moo had a net worth of $2,1 billion according to Forbes. Koo was instrumental in the growth in sales for the LG Group. Since Koo become the Chairman in 1995 sales grew from $35 billion to more than $140 billion.

Koo Kwang-mo will soon take over the position of Chairman, pending the go-ahead of shareholders. If he is given the go-ahead, he will be running the fourth biggest conglomerate in South Korea.

If Kwang becomes the head of LG it will be the second time that the history of LG that the leadership of the company would be passed down to another member of the family.

So who is Koo Kwang-mo?

He is currently the Vice President at the Information Displays Operations for LG Electronics according to Bloomberg.

According to Forbes, he has a net worth of $720 million and ranks at number 48 on Forbes list of South Korea's 50 richest for 2017.

Kwang studied in the United States majoring in engineering and getting his Master's Degree in Management. He joined LG Electronics as an assistant manager of finance in 2006.

Kwang's father is the Chairman of the Heesung Group, Koo Bon-Neung but he was adopted by Koo Bon-Moo in 2004.