ⓒYONHAP News

Cho Yang-ho, former head of Hanjin Group and Korean Air, died at the age of 70 from lung disease at a hospital in Los Angeles.

According to Korean Air, Cho, who had been treated for the disease in the U.S. since last December, died just after midnight on Monday Korea time.

His wife, two daughters and son Won-tae, the president of Korean Air, were reported to have been by his side at the time of his death.

Cho’s coffin arrived in Incheon on Friday morning and his funeral began at midday on the same day at Severance Hospital in Sinchon.

An official from Korean Air said Cho's condition drastically worsened from the shock and stress following the recent news of his removal from the airline's board of directors.

As the eldest son of Hanjin Group founder Cho Choong-hoon, Cho Yang-ho was born in 1949 and joined Korean Air in 1974 and became its chairman and CEO in 1999.

Last month, he was removed from the airline's board by shareholders, amid a string of probes involving alleged embezzlement and dereliction of duty that amounted to about 27 billion won.

Cho's family has been questioned by law enforcement officials for allegedly assaulting employees and illegally hiring foreign housekeepers.