Samsung chairman Lee Kun-hee, head of South Korea’s biggest conglomerate, dies at 78
SEOUL: Lee Kun-hee, the charismatic chief of Samsung Group, South Korea’s greatest conglomerate, died on Sunday, the corporate mentioned, six years he was hospitalised for a coronary heart assault.
Lee, who was 78, helped develop his father Lee Byung-chull`s noodle buying and selling enterprise right into a sprawling powerhouse with property price some $375 billion, with dozens of associates stretching from electronics and insurance coverage to shipbuilding and development.
“Lee is such a symbolic figure in South Korea`s spectacular rise and how South Korea embraced globalisation, that his death will be remembered by so many Koreans,” mentioned Chung Sun Sup, chief government officer of company researcher agency Chaebul.com.
He is the newest second-generation chief of a South Korean family-controlled conglomerate to die, leaving doubtlessly thorny succession points for the third era.
Lee’s son Jay Y. Lee has been embroiled in authorized troubles linked to a merger of two Samsung associates that helped Lee assume larger management of the group’s flagship Samsung Electronics.
The youthful Lee served jail time in his position in a bribery scandal that triggered the impeachment of then-President Park Geun-hye. He is going through a retrial over the case, and a separate trial on prices of accounting fraud and inventory worth manipulation kicked off this week.
The demise of Lee, South Korea`s richest with a web price of $20.9 billion in keeping with Forbes, is ready to immediate investor curiosity in a possible restructuring of the group involving his stakes in key Samsung firms equivalent to Samsung Life and Samsung Electronics. Samsung Life is the most important shareholder of the group`s crown jewel Samsung Electronics, and Lee owns 20.76% of the insurance coverage agency.
Lee died along with his household by his aspect, together with Jay Y Lee, the Samsung Electronics vice chairman, the conglomerate mentioned.
“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 mentioned in a press release.
During his lifetime, Samsung Electronics developed from a second-tier TV maker to the world`s greatest expertise agency by income – seeing off Japanese manufacturers Sony, Sharp Corp and Panasonic Corp in chips, TVs and shows; ending Nokia Oyj`s handset supremacy and beating Apple Inc in smartphones.
“His legacy will be everlasting,” Samsung mentioned.
Chung at Chaebul.com mentioned, “Immediate attention will be given to the roughly 5% stake Lee has in Samsung Electronics,” and the way this might be distributed to his household.
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