The chairman of Samsung Electronics Lee Kun-hee died at the age of 78 on Sunday, reported AFP quoting the company.
Lee, who turned the fortunes of the company, making the South Korean firm a global force to reckon with, had been bed-ridden since a heart attack in 2014.
The company issued a statement saying, “It is with great sadness that we announce the passing of Kun-hee Lee, Chairman of Samsung Electronics.”
The company further stated, “Chairman Lee passed away on October 25 with his family, including Vice Chairman Jay Y. Lee, by his side.”
The global conglomerate called the 78-year-old a ‘true visionary” who transformed Samsung into “ the world-leading innovator and industrial powerhouse from a local business.”
It finally added, “His legacy will be everlasting.”
Samsung, one of the biggest family conglomerates in the world, dominates a lion share of the South Korean economy, with an overall turnover that is a fifth of the nation’s gross domestic product.
His son, Samsung Electronics vice chairman Lee Jae-yong, has been at the helm of the company since 2014.
Lee was jailed for five years in 2017 after being found guilty of bribery and other offences linked to former president Park Geun-hye, before being cleared of the most serious charges on appeal and released a year later.
