On October 25, Samsung Group introduced that Samsung’s long-time chairman, Lee Kun-hee, died at 78, with household by his aspect.
Whereas the corporate has not confirmed the precise reason for demise, Lee has had an extended historical past of coronary heart issues. Notably, he needed to be hospitalized for years after experiencing a coronary heart assault in 2014.
As Samsung chairman since 1987, Lee led the corporate in its meteoric rise to turning into a world powerhouse. Throughout his tenure, Samsung closely invested in R&D and altered its total product line. From the 1980s to the early 2000s, the corporate transitioned from being an inexpensive TV and equipment model to being one of many prime producers in semiconductors and show applied sciences.
From then on, Samsung has been acknowledged as a number one model throughout a number of business verticals. Most notably, the corporate has been the world’s largest phone manufacturer, with wildly profitable product traces together with the Galaxy series.
Samsung’s development beneath Lee is plain, although it isn’t with out controversy. In 1995, Lee was discovered responsible of bribing the nation’s President, Roh Tae-woo. Over a decade later, in 2008, he was discovered responsible of tax evasion and accused of huge corruption and additional tampering of the South Korean authorities. Samsung is one in all Korea’s greatest corporations, and the most important of the family-run chaebols, that are comprised of Samsung, LG, Hyundai, SK and Lotte.
Lee’s son and Samsung vice-chairman, Lee Jae-yong is anticipated to be named successor, however he has his personal historical past with law-breaking. Lee Jae-yong spent virtually a 12 months in jail after being found guilty on a number of fees of bribery and corruption related to the now-removed President Park Geun-hye.
In 2020, Samsung continues to thrive as the worldwide conglomerate it’s in the present day, and Lee Kun-hee’s involvement can’t be understated, in each good methods and dangerous.