Samsung Chairman Lee Kun-hee responsible for the transformation of South Korean firm, Samsung across the globe, recently took his last breath. He died on Sunday last week, at the age of 78.
Samsung Chairman Is Responsible For Major Part Of South Korea GDP
Samsung Chairman Lee Kun-hee transformed the South Korea’s economy and took his firm Samsung at the global heights. Under his leadership, Samsung over the years rose to being the biggest producer of Smartphones and memory chips. As per the latest evaluation, Samsung’s turnover is equal to a fifth of South Korea’s GDP.
Lee has been known to maintain a private lifestyle, not much has ever been known about his personal life in the media. Reports suggest that he was bedridden since 2014 after he suffered through a massive heart attack. Not much has been revealed about his final days and the events that led up to his sad demise. In a statement released by the company, they announced the passing of Lee Kun-hee, Chairman of Samsung Electronics. They said that he passed away on October 25. In his last moments he was surrounded by his family and Vice Chairman Jay Y. Lee. The statement further stated that Chairman Lee was a visionary and transformed Samsung into a “leading innovator and industrial powerhouse”.
The firm concluded by saying that “his legacy will be everlasting”.
Samsung Chairman Lee Earned Nickname The “Hermit King”
So far, Samsung has been a family-dominated business in South Korea. It also covers majority of the market from education to real estate and much more. In fact, it was because of Samsung that the South Korea that was destroyed by the war eventually became world’s 12th largest economy.
When Lee inherited the Samsung Group business in the year 1987, it was already a huge sell in the market. It started as a fish and fruit exported by Lee’s father and eventually ventured into electronics and constructions. Under Lee’s guidance, Samsung went global and continued to stay on top. By the time, Lee was bedridden, Samsung had already become the biggest manufacturer of Smartphones and memory chips. Along with being a major global company for semiconductors and LCD TVs today.
Even though Lee was a private person and rarely ever came out of private walls in Seoul to visit the company headquarters, he earned the nickname “hermit king”. Ever since the 2014 heart attack, the company is being handled by the Vice Chairman and Lee’s son Lee Jae-yong.
However, the Vice Chairman’s record isn’t as clean as it may seem. The family business has been accused of political ties and competition. Jae-Yong has himself been convicted of criminal offences twice. He was sentenced to jail for 5 years in 2017 for bribing the former President Park Geun-hye. However, he was later cleared of most of his charges and was released within a year.