[Asia Economy Reporters Hyewon Kim and Changhwan Lee] Lee Kun-hee, Chairman of Samsung Electronics, has passed away at the age of 78.
According to the business community on the 25th, Chairman Lee died after a long battle with illness. Born in 1942, he was hospitalized on May 10, 2014, due to acute myocardial infarction and passed away after six years of fighting the disease.
Lee Kun-hee, son of Samsung Group founder Lee Byung-chul, led Samsung Group for about 27 years from his succession in 1987 until his hospitalization in 2014.
After taking over Samsung's management, Chairman Lee is credited with transforming Samsung into a global company through new businesses such as semiconductors, smartphones, and biotechnology.
Before Chairman Lee took over, Samsung was the top company domestically but struggled to be recognized as a first-class company globally.
However, Chairman Lee made Samsung a world-class company through the Frankfurt Declaration, which stated "Change everything except your wife and children," the new management philosophy emphasizing "quality-first management," and the "selection and concentration" strategy that overcame the IMF financial crisis.
During the 27 years of his leadership, Samsung Group's sales increased 40-fold, and its market capitalization grew more than 300 times.
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