Samsung Group, one of the largest corporations in Korea, Chairman Lee Kun-hee died at 78, reported BBC Sunday.
According to the sources, Mr. Lee had a heart attack in 2014 leaving him sick for years. However, the company had no statement on the actual reason for the death of its Chairman.
Samsung Group Chairman, Lee converted a humble family trading business into a global business in his lifetime. Samsung Electronics became one of the largest tech firms in the world under his watch.
He became Korea’s richest person with a $21 billion fortune claimed by Forbes. He was the third son of Lee Byung-Chul, the founder of Samsung Group.
Lee Kun-hee took over the mantle in 1987 when his father died after serving for years.
“All of us at Samsung will cherish his memory and are grateful for the journey we shared with him.”
– Samsung Group
Samsung Group Chairman, Lee found success when he reformed the business by producing cheaper products.
His famous quote “Let’s change everything except our wives and kids” became very popular among the employees in 1993.
The company, under his leadership slowly took over the world until a global domination.
According to NewsToday, Samsung Electronics fought Apple and became the number 1 mobile brand in America under the strong leadership of Lee.
With the reputation for making Samsung a global brand, Lee earned another nickname- “the hermit king.” Unlike his peers in the tech industry, he was very reserved in front of the media.
Despite being soft-spoken, his company became one of the dominating factors for the economy of Korea. Lee, on the other hand, stepped down from the Chairman position in 2008 when he was charged with tax evasion.
He was pardoned by the President in 2009 from a three-year sentence and returned as a Chairman in 2010.
Now the company is speculating on the succession in the leadership role. According to several sources, Vice-Chairman Lee Jae-Yong might be the next choice after the Chairman’s death.