Samsung Electronics Chairman Lee Kun-Hee dies at 78
Samsung Electronics Chairman Lee Kun-Hee dies at 78
SEOUL, South Korea (AP) — Lee Kun-Hee, the ailing Samsung Electronics chairman who transformed the small television maker into a global giant of consumer electronics but whose leadership was also marred by corruption convictions, died on Sunday. He was 78.
Lee died with his family members by his side, including his only son and Samsung Vice Chairman Lee Jae-yong, the company said in a statement.
Samsung didn’t announce the cause of death, but Lee had been hospitalized since May 2014 after suffering a heart attack and the younger Lee has been running Samsung, South Korea’s biggest company.
“All of us at Samsung will cherish his memory and are grateful for the journey we shared with him,” the Samsung statement said. “His legacy will be everlasting.”
South Korean President Moon Jae-in sent senior presidential officials to pass a condolence message to Lee’s family at a mourning site. In the message, Moon called the late tycoon “a symbol of South Korea’s business world whose leadership would provide courage to our companies” at a time of economic difficulties caused by the coronavirus pandemic, Moon’s office said.
Lee’s family said the funeral would be private but did not immediately release details.
Lee inherited control of the company from his father, and during his nearly 30 years of leadership, Samsung Electronics Co. became a global brand and the world’s largest maker of smartphones, televisions and memory chips. Samsung sells Galaxy phones while also making the screens and microchips that power its major rivals — Apple’s iPhones and Google Android phones.
Its businesses encompass shipbuilding, life insurance, construction, hotels, amusement parks and more. Samsung Electronics alone accounts for 20% of the market capital on South Korea’s main stock exchange.
Lee leaves behind immense wealth, with Forbes estimating his fortune at $16 billion as of January 2017.
