Samsung Electronics Chairman Lee Kun-hee Dies at 78

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Samsung Electronics chairman Lee Kun-hee, who remodeled the South Korean agency into a worldwide tech titan, died on the age of 78 on Sunday, the corporate stated.

Under Lee’s management, Samsung rose to grow to be the world’s largest producer of smartphones and reminiscence chips, and the agency’s general turnover at the moment is equal to a fifth of South Korea’s GDP.

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Samsung’s meteoric rise helped make Lee South Korea’s richest and strongest industrialist.

“It is with nice disappointment that we announce the passing of Kun-hee Lee, Chairman of Samsung Electronics,” the corporate stated in a press release.

“Chairman Lee handed away on October 25 along with his family, together with Vice Chairman Jay Y. Lee, by his aspect.

“Chairman Lee was a real visionary who remodeled Samsung into the world-leading innovator and industrial powerhouse from a neighborhood enterprise,” the agency stated, including: “His legacy will likely be eternal.”

Samsung is by far the most important of the family-controlled conglomerates, or chaebols, that dominate enterprise in South Korea.

They drove the nation’s transformation from a war-ravaged damage to the world’s 12th-largest economic system, however these days are accused of murky political ties and stifling competition — with Lee himself twice convicted of felony offences, in a single case bribing a president.

Global energy
When Lee inherited the chairmanship of the Samsung group in 1987 — based by his father as a fish and fruit exporter — it was already the nation’s largest conglomerate, with operations starting from client electronics to building.

But it was seen as a shoddy producer of low-cost, low-quality products.

“Let’s change all the things besides our wives and children,” Lee stated in 1993.

The firm gathered up and burnt all 150,000 cell phones it had in inventory, paving the plan for the rebirth of the extremely victorious “Anycall” handset.

With Lee on the helm, Samsung turned a worldwide behemoth: by the point he suffered a coronary heart assault in 2014, it was the world’s largest maker of smartphones and reminiscence chips, and a serious player in semiconductors and LCDs.

Lee hardly ever spoke to the media, however was intently watched at any time when he broke his lengthy silences, usually with doom-laden New Year company addresses.

His son, Samsung Electronics vice chairman Lee Jae-yong, has been on the helm of the corporate for the reason that 2014 coronary heart assault.

‘Hermit king’
Despite his immense wealth and energy, Lee seldom ventured out from the excessive partitions of his personal compound in central Seoul to go to the corporate headquarters, incomes him the nickname “hermit king”.

Lee, the third son of Samsung group founder Lee Byung-chull, had a delicate spot for canines — developed as a baby in Japan where he went to highschool from age 11. He was additionally recognized for his love of films, horseriding and unique supercars.

He studied at Japan’s prestigious Waseda University and earned an MBA at George Washington University within the United States.

He turned vice chairman of the group’s building and buying and selling arm on the age of 36, and have become group chairman 9 years later, shortly after his father’s loss of life.

Lee married Hong Ra-hee — whose father was a justice minister — with whom he had a son and three daughters.

Bribes, embezzlement, tax evasion
The worlds of politics and enterprise have been intertwined in South Korea, and the connection was mirrored in Lee’s career.

In 1996, he was convicted of bribing former president Roh Tae-woo to get favours for Samsung in enterprise approach selections.

Lee was additionally discovered responsible of embezzlement and tax evasion in a slush fund scandal in 2008, which noticed him briefly step down from the corporate management.

But suspended sentences meant he by no means served time in jail and he obtained two presidential pardons, happening to spearhead his nation’s victorious efforts to safe the 2018 Winter Olympics.

A number of years later, he fought off a lawsuit from his older brother and sister claiming they have been entitled to Samsung shares value billions of {dollars}.

He had been in medical care after his coronary heart assault, however few particulars have been ever revealed about his situation, leaving him shrouded in thriller even in his concluding days.

[Attribution Gadgets360]

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