Samsung’s Powerhouse, Lee Kun-Hee dies at 78
By: Sneha Chaudhary
- The Charismatic Leader of Samsung Died at 78.
- The Latest Second Generation leader of a South Korean Family.
- Lee’s Innovative Leadership and Indomitable Spirit Should be regarded in any era of field.
“Lee Kun-Hee, who built Samsung Electronics into a global giant for smartphones, semiconductors and televisions, died due to a heart attack on Sunday after spending more than six years in a hospital”, said the Company.
Samsung Group’s charismatic boss, and the richest individual in the world, developed the Company into the largest conglomerate in South Korea. Yet opponents have often vilified him and the empire he built for wielding immense economic clout, and for secret government and dubious transactions of family wealth.
“In the dramatic growth of South Korea and how South Korea welcomed globalisation, Lee is such a symbolic figure in Korea, his death will be recalled by so many Koreans,” said Chung Sun-Sup, Chief Executive of Corporate Researcher Firm Chaebul.Com.
Lee, who was 78, was the most recent head of a South Korean family-controlled conglomerate, or chaebol, of the second generation to die, leaving the third generation with potentially thorny succession problems.
“In any field, Lee Kun Hee’s ‘innovative leadership and indomitable spirit should be highly considered,’ ruling party leader and former Prime Minister Lee Nak-yon wrote on Facebook.” But it cannot be disputed that the chaebol-led economic system was improved and trade unions were not accepted.
According to Forbes, Lee Kun Hee’s passing, with a net worth of $20.9 billion, is expected to prompt investor interest in a future company restructuring involving his interests in core Samsung firms such as Samsung Life and Samsung Electronics.
“With Lee passing, the Samsung Group is now undergoing the greatest shakeup in governance since the 2015 merger between Cheil Industries and Samsung C&T,” said Ahn Sang-hee, an expert at the Daishin Economic Research Center on corporate governance.
Samsung Electronics expanded from a second-tier TV producer to the world’s largest technology corporation by sales over his lifespan-seeing off Japanese brands such as Sony Corp, Sharp Corp and Panasonic Corp in chips, TVs and displays; breaking the reign of Nokia Oyj’s handset and crushing Apple Inc in smartphones.
“His legacy will be everlasting,” Samsung said.
