Samsung Chairman Lee Kun-hee dies at age 78

Lee Kun-hee, the Chairman of Samsung died on Sunday in Seoul at the age of 78 after being hospitalized for six years.

Lee Kun Hee in 2008. Photographer: Jean Chung/Bloomberg

Chairman Lee Kun-hee dies after being hospitalized for six years

Born in 1942, Lee Kun-hee was the man who built Samsung into a global tech giant of smartphones, televisions, home appliances, computer chips, and more since taking the helm at Samsung Group in 1987 following the death of his father.

Samsung hasn't revealed the exact cause of his death. But, the chairman had been incapacitated since a heart attack in 2014.

Samsung press statement said:

It is with great sadness that we announce the passing of Kun-Hee Lee, Chairman of Samsung Electronics. Chairman Lee passed away on October 25 with his family, including Vice Chairman Jay Y. Lee, by his side.

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.

All of us at Samsung will cherish his memory and are grateful for the journey we shared with him.

Our deepest sympathies are with his family, relatives, and those nearest. His legacy will be everlasting.

Lee has pushed Samsung from being a cheap television and microwave maker to the cornerstone of South Korea's economy and one of the world's top corporate spenders in research and development.

Today, Samsung sits among the elite list of top tech companies in the world.

Lee is also South Korea's richest man.

Sources: The New York Times, The Korea Herald