Samsung Group Chairman Lee Kun-hee Dies Aged 78

Lee Kun-hee, the chairman of South Korea’s largest conglomerate, Samsung Group, has died aged 78.

Mr Lee helped to grow his father’s small trading business into an economic powerhouse, diversifying into areas like insurance and shipping.

During his lifetime, Samsung Electronics also became one of the world’s biggest tech firms.

Sout Korea’s Richest Man

He was the richest person in South Korea, according to Forbes, with a net worth of nearly $21bn (£16bn).

Samsung said Mr Lee died on Sunday with family by his side, but did not state the exact cause of death. A heart attack in 2014 had left him living in care.

“All of us at Samsung will cherish his memory and are grateful for the journey we shared with him,” the firm said in a statement.

Mr Lee was the third son of Lee Byung-chul, who founded Samsung Group in 1938. He joined the family firm in 1968 and took over as chairman in 1987 after his father’s death.

At the time, Samsung was seen as a producer of cheap, low-quality products. But under his leadership radical reforms were introduced at the company.

Rise To Fame

Mr Lee became famous for telling employees in 1993: “Let’s change everything except our wives and kids.” The firm then burned its entire mobile phone stock, consisting of 150,000 handsets.

Mr Lee rarely spoke to the media and had a reputation for being a recluse, earning him the nickname “the hermit king”.

Samsung is by far the largest of South’s Korea’s chaebols – the family-owned conglomerates that dominate the country’s economy.

Chaebols helped to drive South Korea’s economic transformation after World War Two, but have long been accused of murky political and business dealings.

Mr Lee was twice convicted of criminal offences, including the bribing of former President Roh Tae-woo.

Criminal Offences

He stepped down as Samsung chairman in 2008 after he was charged with tax evasion and embezzlement. He was handed a three-year suspended jail sentence for tax evasion but was given a presidential pardon in 2009 and went on to lead South Korea’s successful bid to host the 2018 Winter Olympics.

He returned as chairman of Samsung Group in 2010, but was left bedridden by the 2014 heart attack.

Mr Lee’s son, Lee Jae-yong, has served jail time for his role in a bribery scandal which triggered the ousting of then-President Park Geun-hye from office in 2017. Last month, prosecutors laid fresh charges against him over his role in a 2015 merger deal.

Clout News

Recent Posts

Joshua Denne and The Blockchain Alliance: Pioneering a Future in Web3 Technologies

Denne and the Blockchain Alliance team, currently in its building phase, are laying the groundwork…

17 hours ago

FaZe Clan Announces 21-Year-Old Twitch streamer Lacy As Newest Member

Lacy is a 21-year-old Twitch streamer who is famous for playing Fortnite and has a…

3 days ago

READ: Tristan Tate Reveals His Earnings from X Ad Revenue Share Program

Let us see how much contribution does X make to Tristan Tate's net worth. You…

3 days ago

Jake Paul Vs Mike Tyson: Fight Date, Time, How to watch, and more

Jake Paul vs Mike Tyson fight is happening on Saturday, July 20, 2024 at the…

3 days ago

Why did Streaming Company Paramount’s CEO Bob Bakish Step Down?

According to various news outlets, this has to do with the upcoming merger deal of…

3 days ago

Morreale Paris Unveils New Fragrance Collection with Mesmerizing Film Campaign “The Party”

In a dazzling display of elegance and youthful exuberance, Morreale Paris has introduced its latest…

3 weeks ago