Lee Kun-Hee, the sickly Samsung Electronics chairman who altered the little television manufacturer into an international giant of consumer electronic equipment, has expired.
A Samsung announcement said Lee expired on Sunday along with his relatives, including his son and de facto business leader, Lee Jae-Yong, by his side.
Lee Kun-Hee was hospitalized because in May 2014 after suffering a heart attack using all the younger Lee conducting Samsung, the largest company in South Korea.
“We all Samsung will cherish his memory and also are thankful for the trip we shared with him,” that the Samsung statement stated. “Our deepest sympathies are with his loved ones, relatives and people charming.
Lee Kun-hee inherited management from his dad and through his almost 30 decades of direction, Samsung Electronics Co. turned into a global brand and the world’s biggest manufacturer of televisions, smartphones, and memory processors. Samsung sells Galaxy mobiles while also producing the displays and microchips that power its rivals, Apple’s iPhones along with Google Android mobiles.
Samsung helped create the country’s economy Asia’s fourth-largest. Its companies encompass shipbuilding, life insurance, building, resorts, entertainment park operation, and much more. Samsung Electronics alone accounts for 20 percent of this industry capital on South Korea’s most important stock exchange.
His passing comes through an intricate period for Samsung.
When he had been hospitalized, Samsung’s once-lucrative mobile company faced dangers from upstart manufacturers in China and other emerging markets.
Its executives, such as the younger Lee, have been investigated by prosecutors who thought Samsung executives bribed Park to fasten the government’s funding for a smooth leadership transition from father to son.
At an earlier scandal, Lee Kun-Hee was detained in 2008 for prohibited discuss agreements, tax evasion and bribery made to maneuver his riches and corporate management to his three kids.
The late Lee was a stern, terse pioneer who concentrated on big-picture plans, leaving particulars and everyday direction to executives.
His near-absolute power enabled the enterprise to create bold decisions from the fast-changing engineering business, like shelling out billions to construct new production lines for memory processors and exhibit panels as the 2008 global monetary crisis unfolded. Those insecure moves fueled Samsung’s increase.
His dad Lee Byung-Chul had set an export company there in 1938 and after the 1950-53 Korean War, he reconstructed the business to an electronic and home appliance maker as well as the nation’s first big trading firm.
Lee Byung-Chul was frequently called among the fathers of contemporary industrial South Korea. Lee Kun-Hee’s brothers hailed to get a larger portion of Samsung but dropped the case.
After Lee Kun-Hee inherited management out of his dad in 1987, Samsung was relying on Japanese technologies to make TVs and has been making its first steps into exporting microwaves and grills.
The business was expanding its semiconductor factories after going into the company in 1974 by obtaining a near-bankrupt company.
Lee Kun-Hee made sweeping changes to Samsung following a two-month trip overseas convinced him that the firm required to enhance the standard of its goods.
In a language to Samsung executives, he famously advocated, “Let us change everything except our wives and kids.”
Not all of his motions triumphed.
A notable failure was that the group’s expansion to the automobile business in the 1990s, in part driven by Lee Kun-Hee’s enthusiasm for luxury automobiles. Samsung afterward sold near-bankrupt Samsung Motor into Renault. The business was regularly criticized for shuttle labor rights. Cancer cases among employees during its semiconductor factories were dismissed for several years.
In 2020, Lee Jae-Yong declared heredity transports at Samsung would finish, promising the direction rights he inherited would not pass to his kids. Also, he said Samsung would quit suppressing employee efforts to organize unions, even though labor activists questioned his sincerity.
South Koreans are equally proud of Samsung’s international achievement and worried that the organization and Lee’s household are over the law and sway over virtually every corner of the society.
Critics especially note how Lee Kun-Hee’s only son gained immense riches through postal stocks of Samsung companies that went public.
Lee Kun-Hee was then indicted on tax evasion and other fees.
Lee resigned as chairman of both Samsung Electronics and has been detained and sentenced to a suspended three-year prison sentence. He also received a presidential pardon in 2009 and returned to Samsung’s direction in 2010.