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Image source, Reuters
Lee Kun-hee has helped turn Samsung Group into an economic powerhouse in South Korea
Lee Kun-hee, president of South Korea’s largest conglomerate, Samsung Group, has just passed away at the age of 78.
Mr. Lee has helped turn his father’s small business into an economic powerhouse, diversifying into areas such as insurance and shipping.
Under his leadership, Samsung Electronics also became one of the largest technology companies in the world.
According to Forbes, Lee Kun-hee is the richest man in South Korea with a net worth of nearly $ 21 billion.
Samsung said Lee died with his family on Sunday, but did not indicate the exact cause of his death. A heart attack in 2014 left him living in a hospital bed, in constant care.
“Everyone at Samsung will cherish his memories and will be grateful for the journey we have shared with him,” the Samsung company said in a statement.
Mr. Lee is the third son of Lee Byung-chul, who founded the Samsung Group in 1938. He joined the family business in 1968 and took over as president in 1987 after the death of his father.
At the time, Samsung was considered a manufacturer of low-quality, low-cost products. But under the leadership of Lee Kun-hee, radical reforms were introduced in the company.
Lee told employees in 1993: “Let’s change everything except our wife and children.” After that, the company burned the entire inventory of mobile phones, including 150,000 phones.
Image source, EPA
Samsung Electronics is the world’s largest manufacturer of smartphones and memory chips.
Mr. Lee rarely speaks to the media and is known as a recluse, earning him the nickname “Hermit King”.
Samsung is still the largest conglomerate in South Korea: the family conglomerate dominates the country’s economy.
Lee has been criminally charged twice, including bribery of former President Roh Tae-woo.
He resigned as president of Samsung in 2008 after being accused of tax evasion and embezzlement. He was sentenced to three years in suspended prison for tax evasion, but the president pardoned him in 2009 and continues to lead South Korea to success in hosting the 2018 Winter Olympics.
He returned as president of the Samsung Group in 2010, but was bedridden due to a heart attack in 2014.
Lee’s son, Lee Jae-yong, was jailed for his involvement in a bribery scandal that resulted in the ouster of South Korean President Park Geun-hye in 2017.
Last month, prosecutors filed new charges against Lee Jae-yong for his role in a 2015 merger.
