Samsung Chairman Lee Kun-hee Dies at Age 78
Samsung, the global South Korean conglomerate best known for their electronic products utilized all across the world, lost their chairman Lee Kun-hee on Sunday, October 25th when he died at the age of 78.
credit: Republic of Korea, CC BY-SA 2.0,
Lee Kun-hee was the third son of the original founder, Lee Byung-chol, who founded the company in 1938. When Lee Kun-hee took over the company, he revolutionized the perception of Samsung.
The company shifted from a producer of cheap electronic products to a global superpower due to his radical reforms. In 2019, Samsung took the lead in the smartphone market with a 21.8% share with 298 million units sold. Huawei and Apple were second and third with 17.6% and 14.5% respectively.
Lee Kun-hee’s life has been defined by overwhelming successes, as well as controversies of various natures. Following a charge of tax evasion and embezzlement in 2008, he stepped down as the chairman of Samsung, only to return to the position in 2010.
His jail sentence ended in a presidential pardon. What’s more, he later went on to spearhead South Korea’s bid to host the 2018 Winter Olympics.
Due to rapidly declining health in recent years, Lee was no longer in an active position of power at Samsung. However, his passing calls into question the division of his numerous Samsung shares.
The changes —if any— to the conglomerate’s structure are still up in the air.
Regardless of whether or not Lee Kun-hee’s death will seriously impact the company, his passing was undoubtedly a great loss.
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