Lee Kun-hee who was the leader & chairman of the Samsung Group and the richest citizen in South Korea dies at the age of 78.
Lee Kun-hee grew his father’s business, Samsung, into an economic powerhouse. Samsung was founded first as a grocery trading store on March 1, 1938 by his father Lee Byung-chull. The company entered into the electronic business in 1969 with their first electronic products being black-and-white televisions.
Lee Kun-hee, the third son of Lee Byung-chull, chairmanned the Samsung Group from 1987 to 2008 and from 2010 to 2020. He is known for the transformation of Samsung to the world’s largest manufacturer of smartphones, electronics and memory chips. The company is by far the biggest of the family-conglomerates.
He was convicted in 1996 and 2008 for corruption and tax evasion charges but was pardoned on both instances and suffered a heart attack in 2014.
Mr Lee became famous for telling his employees in 1993 to change everything except their wives and kids then went ahead to burn the company’s entire phone stock of 150,000 handsets. He rarely spoke to the media and was known for being reclusive which gave him his nickname “The Hermit King”.
In 2014, Forbes listed him to be the most powerful Korean and the 35th most powerful person in the world. He was the richest man in South Korea with a networth of nearly $21bn.
Sadly, the mogul passed away earlier today being 25th October at the Samsung Medical Center, Seoul, South Korea, leaving behind his wife and four children. The cause of his death is not yet know.
A statement gotten from the company said, “It is of great sadness we announce the passing of Kun-hee Lee, chairman of Samsung Electronics”. He died at the age of 78 with family by his side. Samsung added later that the funeral will be a small family affair but didn’t say when or where the funeral would be. The mogul will always be remembered as he has made his mark on not just the Korean soil, but the whole world.