A controversial figure Samsung Electronics chairman Lee Kun-hee, who turned Samsung into a global tech power and transformed the South Korean firm into a worldwide tech titan, died at the age of 78. The company says he died on October 25th with family including his son, Vice-chairman Lee Jae-Yong, at his side. Famous Samsung founder and Chairman Dies at 78.
“Chairman Lee was a true visionary who transformed Samsung into the world-leading innovator and industrial powerhouse from a local business,” the Samsung Company said. “His legacy will be everlasting.”
Famous Samsung Founder and Chairman Dies at 78
Lee Kun –hee played a massive part in making Samsung from a small TV and Electronics maker to one of the most influential technology brands in the world.
He was a controversial figure who becomes the richest man in South Korea. Samsung is the fifth in the group contributing to the country GDP.
In its statement, Samsung says that Lee’s declaration of “new management” in 1993 was “the motivating driver of the company’s vision to deliver the best technology to help advance global society.”
A cause of death of Lee Kun –Hee is not revealed, he had been suffering for heart attack in 2014. Lee Jae-Yong, also known as Jay Y Lee, will most probably take over his father’s business as per the latest reports.
Further reports state that concurrently in two legal disputes trapped with South Korean prosecutors over the accusation of bribery and corruption.
He found himself in legal trouble and repeatedly denied. He was found guilty of bribing President Roh Tae-woo in 2008 and second came in 2009.
South Korea’s justice minister said at that time “so that Lee could take back his place at the International Olympic Committee and form a better situation for the 2018 Olympics to take place in Pyongchang,”
The passing of Lee will fire up the predictable rumour over the succession process.