[Asia Economy Reporter 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 illness.
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.
Since taking charge of 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 world-class company globally.
However, Chairman Lee made Samsung a global enterprise through the Frankfurt Declaration, which stated "Change everything except your wife and children," the new management philosophy emphasizing quality, and the "selection and concentration" strategy that overcame the IMF financial crisis.
In particular, Chairman Lee is known to have actively persuaded founder Lee Byung-chul to enter the semiconductor business by acquiring Korea Semiconductor in 1974. He then continued bold investments, elevating Samsung's semiconductor business to world number one.
Currently, Samsung holds a solid global number one position in memory semiconductors such as DRAM and NAND flash, and recently has expanded into system semiconductors including foundry (semiconductor contract manufacturing) and image sensors.
Besides semiconductors, Samsung also ranks number one worldwide in various fields such as smartphones, TVs, and home appliances. During the 27 years Chairman Lee managed the company, Samsung Group's sales increased 40-fold and market capitalization grew more than 300 times.
Surviving family members include his wife Hong Ra-hee, former director of the Samsung Museum of Art Leeum, son Lee Jae-yong, Vice Chairman of Samsung Electronics, daughter Lee Boo-jin, President of Hotel Shilla, and daughter Lee Seo-hyun, Chairwoman of the Samsung Welfare Foundation.
The funeral will be held simply as a family ceremony according to the wishes of the deceased and the family.
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