Samsung Group Chairman Lee Kun-Hee Passes Away At 78; Know His Journey Of Transforming Samsung Into Tech Giant

Son of Samsung Group's founder Lee Byung-chul, Lee Kun-Hee had inherited the Samsung throne at the age of 45 after his father's death.

Image: Jaehwan Cho (@hohocho/Twitter)

South Korea's tech giant Samsung Electronics chairman Lee Kun-hee passed away at the age of 78 at a hospital in Seoul on Sunday. Lee Kun, widely known for transforming Samsung Group into one of the world's major tech giants, had been bedridden since May 2014 following a heart attack. In an official statement issued on Sunday, Samsung said, "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." Born on January 9, 1942 in Uiryeong county in South Gyeongsang province of South Korea, Lee drove Samsung to have dozens of affiliates, including the world's top smartphone maker, Samsung Electronics Co., and Samsung Life Insurance Co., under its wing. Son of Samsung Group's founder Lee Byung-chul, Lee Kun-Hee had inherited the throne at the age of 45 after his father's death. Within five years of taking over the firm, Lee Kun-hee in 1993 had announced his first trademark business philosophy, the "New Management Initiative." As stated in a Reuters report, Lee in mid-1990's personally recalled around $50 million worth of poor quality mobile phones and fax machines, and set fire to them. After the unfortunate death, his son Jae-yong who currently serves as vice chairman of Samsung Electronics is expected to take over the rein of Samsung Group. However, Jae-yong has been embroiled in a high-profile succession scandal.