Lee Kun-hee, the extended-time chairman of Samsung Team who remodeled the conglomerate into just one of the world’s most significant enterprise empires, died right now at the age of 78, in accordance to studies from South Korean primary information company Yonhap.
The story of Samsung is deeply intertwined with the heritage of its house region, which is at times dubbed “The Republic of Samsung.” Lee, the son of Samsung founder Lee Byung-chul, came to ability in the late 1980s just as South Korea transitioned from dictatorship to democracy with the political handover from army strongman Chun Doo-hwan to Roh Tae-woo. Below his management, Samsung spearheaded initiatives across a number of parts in electronics, including semiconductors, memory chips, shows, and other components that are the backbone of today’s electronic products.
Lee navigated the demanding financial troubles of the 1990s, such as the 1998 Asian monetary disaster, which observed a near collapse of the economies of South Korea and quite a few other so-referred to as Asian Tigers, as well as the Dot-Com bubble, which observed the collapse of internet stocks globally.
Coming out of individuals difficult decades, Lee invested in and is possibly most popular right now for setting up up the conglomerate’s Galaxy consumer smartphone line, which progressed Samsung from an industrial powerhouse to a around the globe consumer model. Samsung Electronics, which is just a single of a spider net of Samsung companies, is right now truly worth roughly $350 billion, generating it among the the most worthwhile corporations in the planet.
Though his organization acumen and strategic insights managing Samsung ended up lauded, he faced difficulties in recent yrs. He was convicted of tax evasion in the late 2000s, but was eventually pardoned by the country’s then president Lee Myung-bak (no relation).
Samsung has also been below hearth from teams which include Elliott Management over chairman Lee’s makes an attempt to secure the monetary long run of Samsung for his son, Lee Jae-yong, who took about efficient leadership of the conglomerate next the elder Lee’s coronary heart attack in 2014. Lee Jae-yong has experienced his possess operate-ins with the legislation, having been identified responsible of bribery and sentenced to five decades in prison, which was in the end suspended by a choose.
Immediately after his coronary heart assault, Lee Kun-hee remained hospitalized in stable ailment according to Yonhap. Rumors of his situation have percolated in the 6 years because.
In accordance to Bloomberg, Lee leaves guiding around $20 billion in wealth, and he is the wealthiest South Korean citizen. He is survived by his wife as well as 4 youngsters.