Samsung chairman Lee Kun-hee dies aged 78
Lee Kun-hee, the ailing Samsung Electronics chairman who transformed the small television maker into a global giant of consumer electronics, has died aged 78.
A Samsung statement said Lee died on Sunday with his family members, including his son and de facto company chief Lee Jae-yong, by his side.
Lee had been hospitalised since May 2014 after suffering a heart attack.
The Samsung statement says āall of us at Samsung will cherish his memory and are grateful for the journey we shared with him.ā
Lee inherited control from his father and during his nearly 30 years of leadership, Samsung Electronics Co became a global brand and the worldās largest maker of smartphones, televisions and memory chips.
Samsung sells Galaxy phones while also making the screens and microchips that power its rivals, Appleās iPhones and Google Android phones.
It is South Koreaās largest family-controlled business conglomerate and helped make the nationās economy Asiaās fourth-largest.
Its businesses encompass shipbuilding, life insurance, construction, hotels, amusement park operation and more.
Samsung Electronics alone accounts for 20% of the market capital on South Koreaās main stock market.
Lee leaves behind immense wealth, with Forbes estimating his fortune at $16 billion (Ā£12.3 billion) as of January 2017.
CONNECT WITH US TODAY
Be the first to know the latest news and updates
