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Samsung CEO Lee Hong-hee suffered a heart attack in 2014. In the late 1990s, he received treatment for lung cancer.
The head of South Korean company Samsung Lee Gong Hee died at the age of 78 in Seoul on Sunday, October 25, staying with his family. This was reported by Bloomberg with reference to the company’s statement.
The company did not specify the reasons for the death of its president.
Lee has transformed Samsung from a local company to a leading global innovator and industry leader. His legacy will last forever, the company said in a statement.
The agency writes that Lee Gong Hee suffered from health problems after suffering a heart attack in 2014. In the late 1990s, he received treatment for lung cancer. Since 2013, he has remained the formal director of the company and, in fact, Samsung was run by his only son, Lee Jae Young.
Lee Jae Young will inherit a $ 300 billion company that is experiencing a boom in online activity during the COVID-19 epidemic, Bloomberg reported.
Lee Gong Hee was born on January 9, 1942. Samsung Group was founded by his father Lee Byung Chol. After his death in 1987, Lee Gong Hee took over the management of the company.
In 1993, Lee Gong Hee began carrying out corporate reforms at Samsung. He brought together the company’s management in Germany and presented a plan, known as the Frankfurt Declaration, to transform Samsung from a second-tier TV maker into an industry leader. At the same time, he announced a new goal for the company: to create quality products, even if this reduced sales.
Lee Gong Hee saw Samsung’s flaws in a weak corporate culture that emphasized authoritarian leadership. Under his proposed “new management” concept, subordinates might point out mistakes to their superiors.
In 2005, Time magazine named Lee Hong Hee one of the 100 Most Influential People in the World. He was the richest person in South Korea according to the Bloomberg Billionaires Index, with an estimated fortune of $ 20.7 billion.
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