SEOUL, South Korea — Lee Kun-Hee, the sickly Samsung Electronics chairman who changed the little television manufacturer into an international giant of consumer electronics but whose direction was marred by corruption Legislation, expired on Sunday.
Samsung did not announce the reason for death, but Lee was hospitalized since May 2014 after suffering a heart attack along with the younger Lee was operating Samsung, South Korea’s largest company.
“We all Samsung will cherish his memory and also are thankful for the trip we shared with him,” that the Samsung announcement said.
South Korean President Moon Jae-in sent senior Republican officers to pass on a condolence message to Lee’s family in a mourning website. From the message, Moon knew as the late tycoon” a sign of South Korea’s industry world whose direction could offer courage to our businesses” in a period of financial difficulties brought on by the coronavirus pandemic,” Moon’s office stated.
Lee’s family said the funeral could be personal but didn’t immediately release details.
Lee inherited management of the business from his father, also throughout his almost 30 decades of direction, Samsung Electronics Co. turned into a global brand and the world’s biggest manufacturer of televisions, smartphones, and memory processors. Samsung sells Galaxy mobiles while also producing the displays and microchips that power its major competitors — Apple’s iPhones along with Google Android mobiles.
Its companies encompass shipbuilding, life insurance, building, resorts, amusement parks, and much more. Samsung Electronics alone accounts for 20 percent of this industry capital on South Korea’s most important stock market.
Lee leaves immense riches, together with Forbes estimating his luck at $16 billion as of January 2017.
His passing comes through an intricate period for Samsung.
When he had been hospitalized, Samsung’s once-lucrative mobile company faced dangers from upstart manufacturers in China and everywhere. Stress was high to innovate its traditionally powerful hardware industry, to reform a stifling hierarchical civilization, and also to increase its corporate governance and transparency.
As with other family-run conglomerates in South Korea, Samsung was credited with helping propel the nation’s market to a few of the world’s biggest from the rubbles of the 1950-53 Korean War.
Lee Kun-Hee was detained in 2008 for prohibited discuss agreements, tax evasion and bribery made to maneuver his riches and corporate management to his three kids. But in both situations, he avoided prison after courts suspended his sentences, in the time a frequent practice which helped create South Korean small business tycoons resistant from prison despite their bribery convictions.
Lee Jae-Yong has been sentenced to five years in prison in 2017 for supplying 8.6 billion won ($7 million) in bribes to Park and also a few of her confidants to help fasten the government’s capital for his effort to solidify control over Samsung. He had been freed in ancient 2018 following an appellate court reduced his sentence and suspended the sentence. But last month, prosecutors indicted him on similar fees, establishing yet another protracted legal conflict.
Lee Kun-Hee was a stern, terse pioneer who concentrated on big-picture plans, leaving particulars and everyday direction to executives.
His near-absolute power enabled the enterprise to create bold decisions from the fast-changing engineering business, like shelling out billions to construct new production lines for memory processors and exhibit panels as the 2008 global monetary crisis unfolded. Those insecure moves fueled Samsung’s increase.
His dad, Lee Byung-Chul, had set an export company there in 1938, also adhering to the Korean War, he reconstructed the business to an electronic and home appliance maker as well as the nation’s first significant trading firm.
After Lee Kun-Hee inherited the management of Samsung out of his dad in 1987, Samsung was relying on Japanese technologies to make TVs and has been taking its first steps toward imitating microwaves and grills.
A critical moment came in 1993 when Lee Kun-Hee made sweeping changes to Samsung following a two-month trip overseas convinced him that the firm required to enhance the standard of its goods.
In a language to Samsung executives, he famously advocated, “Let us change everything except our wives and kids.”
Not all of his motions triumphed.
A notable failure was that the group’s expansion to the automobile business in the 1990s, in part driven by Lee Kun-Hee’s enthusiasm for luxury automobiles. Samsung afterward sold near-bankrupt Samsung Motor into Renault. The business was often criticized for disrespecting labor rights. Cancer cases among employees during its semiconductor factories were dismissed for several years.
Earlier this season, Lee Jae-Yong announced that heredity transports at Samsung would finish, promising the direction rights he inherited would not pass to his kids. Also, he said Samsung would quit restricting workers’ attempts to arrange marriages, although labor activists questioned his sincerity.
The 52-year-old Lee expressed guilt for causing public concern within the 2016-17 scandal but didn’t admit to wrongdoing about his alleged participation.
However, he also received a presidential pardon in 2009 and returned to Samsung’s direction in 2010.
“We expect a brand new Samsung’ will soon be accomplished from an early date since Vice Chairman Lee Jae-Yong promised.”