Samsung announces Lee Kun-hee legacy will be everlasting
South Korea’s Samsung Group Chairman Lee Kun-hee died on Sunday, Samsung said. He died with his family by his side, including his son, Samsung Electronics Vice Chairman Jay Y. Lee, the conglomerate said.
Lee, who was 78, helped grow his father Lee Byung-chull noodle trading business into South Korea’s biggest conglomerate, with dozens of affiliates stretching from electronics and insurance to shipbuilding and construction. His death came six years after he was hospitalized for a heart attack.
“Chairman Lee was a true visionary who transformed Samsung into the world-leading innovator and industrial powerhouse from a local business. His 1993 declaration of ‘New Management’ was the motivating driver of the company’s vision to deliver the best technology to help advance global society,” Samsung said in a statement.
During his lifetime, Samsung Electronics developed from a second-tier TV maker to the world’s biggest technology firm by revenue - seeing off Japanese brands Sony, Sharp Corp and Panasonic Corp in chips, TVs and displays; ending Nokia Oyj’s handset supremacy and beating Apple Inc. in smartphones.
“His legacy will be everlasting,” Samsung said.