Breaking News from Foreign Media: Chairman Lee Kun-hee Passes Away
Transforming Samsung into a Technology Company Since 1987 Appointment
[Asia Economy Reporter Naju-seok] Following the passing of Samsung Group Chairman Lee Kun-hee on the 25th, foreign media outlets also rushed to report the news. They introduced the late chairman's life, highlighting how he grew Samsung Group into a global company.
The New York Times (NYT) reported that Lee, who raised Samsung Group into a giant in smartphones, TVs, and computer chips worldwide, has passed away. The NYT noted that when Lee took over Samsung Group from the late Lee Byung-chul, the West remembered Samsung only as a maker of low-priced TVs or microwave ovens sold in discount stores. However, as Lee relentlessly pushed for technological development, Samsung Electronics became a leader in the memory chip sector, dominated the global flat-panel TV market, and conquered the mid-to-high-end mobile phone market.
The NYT stated that Samsung Electronics has become a cornerstone of the South Korean economy and one of the world’s companies investing the most in research and development (R&D). It also introduced that during Lee’s tenure, even after professional managers took on more responsibility within the group, Lee continued to play the role of a big thinker, deciding the group’s strategic direction. Additionally, the NYT reported that Lee and others were twice indicted and later pardoned.
The Wall Street Journal (WSJ) reported that under Lee’s leadership for 30 years, Samsung Group ranked number one in TVs, smartphones, and memory chips by any measure. The WSJ introduced that Lee served as a member of the International Olympic Committee (IOC) and elevated Samsung’s brand through the Olympics. The WSJ also noted that Lee’s death brings the issue of Samsung Group’s succession to the forefront. As the largest individual shareholder of Samsung Group, considering the 50% income tax rate, inheritance matters are expected to become a new challenge.
News agencies such as the Associated Press (AP) also reported Lee’s passing through breaking news. The AP reported that Lee had been hospitalized since suffering a heart attack in 2014. The AP described Samsung as South Korea’s largest conglomerate and the fourth largest company in Asia, operating diverse businesses including shipbuilding, life insurance, construction, hotels, and amusement parks.
Bloomberg News evaluated that Lee transformed Samsung from an electronics copycat company (one that imitates best-selling products) into the world’s largest producer of mobile phones, TVs, and memory chips. Bloomberg also introduced anecdotes from Lee’s life, such as his call for innovation with the phrase, "Change everything except your wife and children." Furthermore, Bloomberg reported through the Bloomberg Billionaires Index that Lee’s fortune reached $20.7 billion (23.36 trillion won).
Japanese media also reported Lee’s passing through breaking news. Japan’s Nikkei newspaper introduced that since Lee’s appointment as Samsung Group chairman in 1987, he grew the company into a global leader in semiconductors and smartphones.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
