SEOUL, Oct 25, 2020 (BSS/AFP) – Samsung Electronics chairman Lee
Kun-hee, who transformed the South Korean firm into a global tech
titan, died at the age of 78 on Sunday, the company said.
Under Lee’s leadership, Samsung rose to become the world’s largest
producer of smartphones and memory chips, and the firm’s overall
turnover today is equivalent to a fifth of South Korea’s GDP.
Known for a reclusive lifestyle, Lee was left bedridden by a heart
attack in 2014. Little was revealed about his condition, leaving him
shrouded in mystery even in his final days.
“It is with great sadness that we announce the passing of Kun-hee
Lee, Chairman of Samsung Electronics,” the company said in a
statement.
“Chairman Lee passed away on October 25 with his family, including
Vice Chairman Jay Y. Lee, by his side.”
“Chairman Lee was a true visionary who transformed Samsung into the
world-leading innovator and industrial powerhouse from a local
business,” the firm said, adding: “His legacy will be everlasting.”
Samsung is by far the biggest of the family-controlled
conglomerates, or chaebols, that dominate business in South Korea.
They drove the nation’s transformation from a war-ravaged ruin to
the world’s 12th-largest economy, but nowadays are accused of murky
political ties and stifling competition — with Lee himself twice
convicted of criminal offences, in one case bribing a president.
– ‘Hermit king’ –
When Lee inherited the chairmanship of the Samsung group in 1987 —
founded by his father as a fish and fruit exporter — it was already
the country’s largest conglomerate, with operations ranging from
consumer electronics to construction.
But Lee focused it and took it global: by the time he suffered a
heart attack in 2014, it was the world’s biggest maker of smartphones
and memory chips. It is also a major global player in semiconductors
and LCD displays today.
Even so, he seldom ventured out from the high walls of his private
compound in central Seoul to visit the company headquarters, earning
him the nickname the “hermit king”.
His son, Samsung Electronics vice chairman Lee Jae-yong, has been
at the helm of the company since the 2014 heart attack.
Lee was jailed for five years in 2017 after being found guilty of
bribery and other offences linked to former president Park Geun-hye,
before being cleared of the most serious charges on appeal and
released a year later.
That case is currently being retried.