Lee Kun-hee (Korean pronunciation:[iːɡʌnhi]; born January 9, 1942 ) is a South Korean business magnate and the chairman of Samsung Group. He had resigned in April 2008, owing to a Samsung slush funds scandal, but returned on March 24, 2010. He speaks Korean, English, and Japanese. In 1996, Lee became a member of the International Olympic Committee. With an estimated net worth of $12.6billion, he and his family rank among the Forbes richest people in the world. He is the third son of Samsung founder Lee Byung-chul.
Lee joined the Samsung Group in 1968 and took over the chairmanship on December 1, 1987, just two weeks after the death of his father, Lee Byung-chul, who founded Samsung. In the early 1990s, believing that Samsung Group was overly focused on producing massive quantities of low-quality goods and that it was not prepared to compete in quality, Lee famously said in 1993 "Change everything except your wife and kids" and true to his word attempted to reform the profoundly Korean culture that had pervaded Samsung until this point. Foreign employees were brought in and local employees were shipped out as Lee tried to foster a more international attitude to doing business.
Lee Kun-hee, man behind Samsung’s rise to tech titan, dies at 78
The Samsung Group's Chairman Lee Kun-hee has died at the age of 78.
He had been in hospital since 2014 after suffering a major heart attack.
Lee was one of South Korea's most influential and controversial business figures.
Al Jazeera’s Rob McBride reports from Seoul, South Korea.
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- Check our website: https://www.aljazeera.com/
#Samsung #LeeKunhee #SouthKorea
published: 25 Oct 2020
The life of Korean Business Icon Lee Kun-hee
You can watch this video at https://koreanow.com
Lee Kun-hee, who built Samsung Electronics
into the nation’s largest conglomerate and a global technology titan,
died in Seoul, Sunday at age 78
published: 26 Oct 2020
Samsung chief Lee Kun-hee dies: The man behind the global tech giant's fortyfold growth
You can watch this video at https://koreanow.com
Samsung Electronics Co. Chairman Lee Kun-hee passed away in Seoul today at age 78.
It's six years and five months after he collapsed at his home in Itaewon on May 2014, due to myocardial infarction, commonly known as heart attack.
Related article:
https://en.yna.co.kr/view/AEN20201025001352320?section=search
published: 25 Oct 2020
Samsung′s Lee Kun－hee maintains status as Korea′s richest stockholder 주식 1위 이건
Lee Kun－hee， the hospitalized chairman of Korea′s largest conglomerate， Samsung Group， remains the country′s richest stockholder.
According to conglomerate tracker Chaebul－dot－com， Lee held just over ten－point－one billion U.S. dollars′ worth of stocks as of last Friday， …up nearly 14－percent from last year.
He is followed by CEO of cosmetics giant AmorePacific， Suh Kyung－bae， whose stocks jumped nearly 48－percent on－year to eight－point－five billion dollars.
Lee′s son， and vice chairman of Samsung Electronics ， Lee Jae－yong is third， with a 145－percent jump in stocks from the previous year.
The 100－richest stockholders′ list includes 20 newcomers， including the chiefs of auto－parts manufacturer Hanyang Precision， and the chairman of Kolon Group.
published: 19 Oct 2015
Samsung's rise under late Lee Kun-hee's leadership
삼성 이건희 회장 별세 그가 남긴 업적
Lee Kun-hee played a pivotal role in helping South Korea rise as a global leader in high-tech manufacturing.
From a modest beginning, under Lee's leadership, Samsung branched out into numerous sectors, and is now a world-leading, multi-billion dollar player in the global smartphone and semiconductor industries.
Min Suk-hyen reports.
Samsung Group chairman Lee Kun-hee died early Sunday at the age of 78.
He's widely credited as being the driving force behind the tech giant's spectacular global expansion.
In 1987, at the age of 45, Lee inherited the Samsung crown after the passing of his father Lee Byung-chul, who founded the company.
At that point, Lee vowed to make Samsung strong through innovation.
"I will develop Samsung into a world-class company through challengin...
published: 26 Oct 2020
Samsung will extend momentum post Lee Kun-hee: Analyst
SK Kim of Daiwa Capital Markets says that Samsung will look for M&A opportunities more aggressively and pay higher dividends if Lee Jae-yong succeeds his father as chairman.
published: 26 Oct 2020
Samsung Chairman Lee Kun-hee Dead at 78
Lee Kun-hee, who transformed Samsung Electronics Co. from a copycat South Korean appliance maker into the world’s biggest producer of smartphones, televisions and memory chips, has died. He was 78.
Lee passed away on Sunday with his family by his side, the company said in a statement, without mentioning the cause of death. His family will hold a private funeral. He had been hospitalized since a heart attack in 2014 and was treated for lung cancer in the late 1990s.
Lee, who told employees to “change everything except your wife and children” during his drive to foster innovation and challenge rivals such as Sony Corp., was South Korea’s richest person. He had an estimated net worth of $20.7 billion, according to the Bloomberg Billionaires Index. Samsung, the biggest of South Korea’s famil...
published: 26 Oct 2020
Samsung Group Chairman Lee Kun-hee in hospital for 7th year, marks 78th birthday this week
You can watch this video at https://koreanow.com
Marking his 7th year in the hospital bed, Samsung Group’s Chairman Lee Kun-hee turns 78 this Thursday.But with various uncertainties rising higher than ever, Samsung doesn’t seem to be in the brightest mood as it marks Lee’s 6th birthday at the hospital.Watch this video for more information.
Related article:
https://www.koreatimes.co.kr/www/tech/2019/01/133_261521.html
The Samsung Group's Chairman Lee Kun-hee has died at the age of 78.
He had been in hospital since 2014 after suffering a major heart attack.
Lee was one of Sou...
The Samsung Group's Chairman Lee Kun-hee has died at the age of 78.
He had been in hospital since 2014 after suffering a major heart attack.
Lee was one of South Korea's most influential and controversial business figures.
Al Jazeera’s Rob McBride reports from Seoul, South Korea.
- Subscribe to our channel: http://aje.io/AJSubscribe
- Follow us on Twitter: https://twitter.com/AJEnglish
- Find us on Facebook: https://www.facebook.com/aljazeera
- Check our website: https://www.aljazeera.com/
#Samsung #LeeKunhee #SouthKorea
The Samsung Group's Chairman Lee Kun-hee has died at the age of 78.
He had been in hospital since 2014 after suffering a major heart attack.
Lee was one of South Korea's most influential and controversial business figures.
Al Jazeera’s Rob McBride reports from Seoul, South Korea.
- Subscribe to our channel: http://aje.io/AJSubscribe
- Follow us on Twitter: https://twitter.com/AJEnglish
- Find us on Facebook: https://www.facebook.com/aljazeera
- Check our website: https://www.aljazeera.com/
#Samsung #LeeKunhee #SouthKorea
You can watch this video at https://koreanow.com
Lee Kun-hee, who built Samsung Electronics
into the nation’s largest conglomerate and a global technology tit...
You can watch this video at https://koreanow.com
Lee Kun-hee, who built Samsung Electronics
into the nation’s largest conglomerate and a global technology titan,
died in Seoul, Sunday at age 78
You can watch this video at https://koreanow.com
Lee Kun-hee, who built Samsung Electronics
into the nation’s largest conglomerate and a global technology titan,
died in Seoul, Sunday at age 78
You can watch this video at https://koreanow.com
Samsung Electronics Co. Chairman Lee Kun-hee passed away in Seoul today at age 78.
It's six years and five mon...
You can watch this video at https://koreanow.com
Samsung Electronics Co. Chairman Lee Kun-hee passed away in Seoul today at age 78.
It's six years and five months after he collapsed at his home in Itaewon on May 2014, due to myocardial infarction, commonly known as heart attack.
Related article:
https://en.yna.co.kr/view/AEN20201025001352320?section=search
You can watch this video at https://koreanow.com
Samsung Electronics Co. Chairman Lee Kun-hee passed away in Seoul today at age 78.
It's six years and five months after he collapsed at his home in Itaewon on May 2014, due to myocardial infarction, commonly known as heart attack.
Related article:
https://en.yna.co.kr/view/AEN20201025001352320?section=search
Lee Kun－hee， the hospitalized chairman of Korea′s largest conglomerate， Samsung Group， remains the country′s richest stockholder.
According to conglomerate trac...
Lee Kun－hee， the hospitalized chairman of Korea′s largest conglomerate， Samsung Group， remains the country′s richest stockholder.
According to conglomerate tracker Chaebul－dot－com， Lee held just over ten－point－one billion U.S. dollars′ worth of stocks as of last Friday， …up nearly 14－percent from last year.
He is followed by CEO of cosmetics giant AmorePacific， Suh Kyung－bae， whose stocks jumped nearly 48－percent on－year to eight－point－five billion dollars.
Lee′s son， and vice chairman of Samsung Electronics ， Lee Jae－yong is third， with a 145－percent jump in stocks from the previous year.
The 100－richest stockholders′ list includes 20 newcomers， including the chiefs of auto－parts manufacturer Hanyang Precision， and the chairman of Kolon Group.
Lee Kun－hee， the hospitalized chairman of Korea′s largest conglomerate， Samsung Group， remains the country′s richest stockholder.
According to conglomerate tracker Chaebul－dot－com， Lee held just over ten－point－one billion U.S. dollars′ worth of stocks as of last Friday， …up nearly 14－percent from last year.
He is followed by CEO of cosmetics giant AmorePacific， Suh Kyung－bae， whose stocks jumped nearly 48－percent on－year to eight－point－five billion dollars.
Lee′s son， and vice chairman of Samsung Electronics ， Lee Jae－yong is third， with a 145－percent jump in stocks from the previous year.
The 100－richest stockholders′ list includes 20 newcomers， including the chiefs of auto－parts manufacturer Hanyang Precision， and the chairman of Kolon Group.
삼성 이건희 회장 별세 그가 남긴 업적
Lee Kun-hee played a pivotal role in helping South Korea rise as a global leader in high-tech manufacturing.
From a modest beginning, und...
삼성 이건희 회장 별세 그가 남긴 업적
Lee Kun-hee played a pivotal role in helping South Korea rise as a global leader in high-tech manufacturing.
From a modest beginning, under Lee's leadership, Samsung branched out into numerous sectors, and is now a world-leading, multi-billion dollar player in the global smartphone and semiconductor industries.
Min Suk-hyen reports.
Samsung Group chairman Lee Kun-hee died early Sunday at the age of 78.
He's widely credited as being the driving force behind the tech giant's spectacular global expansion.
In 1987, at the age of 45, Lee inherited the Samsung crown after the passing of his father Lee Byung-chul, who founded the company.
At that point, Lee vowed to make Samsung strong through innovation.
"I will develop Samsung into a world-class company through challenging and future-oriented management."
In 1993, Lee gathered a group of Samsung executives in Frankfurt to guide them through the corporation's future path.
Known as the Frankfurt Declaration, he demanded major reforms, saying everything must change, except for his employees' wives and children.
He also stressed the need for quality over quantity.
This was one of his key management philosophies pushing Samsung forward... but it wasn't easy.
Being chairman for the past five years and so, there should be no defective products. Focus on product quality, not quantity.
To ensure Samsung became synonymous with quality, Lee ordered a bonfire be built to burn 20 million dollars' worth of defective goods... to show the company was determined to make quality its over-riding goal.
Under Lee Kun-hee's leadership, Samsung blossomed into one of the world's biggest and most well-known tech companies.
During his three decades as chairman, Samsung Group gained worldwide brand recognition, becoming the leading global player in industries such as TVs, smartphones, and semiconductors.
Min Suk-hyen Arirang News.
2020-10-26, 12:00 (KST)
#Samsung #achievement #LeeKunhee
📣 Arirang News(Facebook) : https://www.facebook.com/arirangtvnews
📣 Arirang News(Twitter) : https://twitter.com/arirangtvnews
📣 News Center(YouTube) : https://www.youtube.com/c/NEWSCENTER_ARIRANGTV
삼성 이건희 회장 별세 그가 남긴 업적
Lee Kun-hee played a pivotal role in helping South Korea rise as a global leader in high-tech manufacturing.
From a modest beginning, under Lee's leadership, Samsung branched out into numerous sectors, and is now a world-leading, multi-billion dollar player in the global smartphone and semiconductor industries.
Min Suk-hyen reports.
Samsung Group chairman Lee Kun-hee died early Sunday at the age of 78.
He's widely credited as being the driving force behind the tech giant's spectacular global expansion.
In 1987, at the age of 45, Lee inherited the Samsung crown after the passing of his father Lee Byung-chul, who founded the company.
At that point, Lee vowed to make Samsung strong through innovation.
"I will develop Samsung into a world-class company through challenging and future-oriented management."
In 1993, Lee gathered a group of Samsung executives in Frankfurt to guide them through the corporation's future path.
Known as the Frankfurt Declaration, he demanded major reforms, saying everything must change, except for his employees' wives and children.
He also stressed the need for quality over quantity.
This was one of his key management philosophies pushing Samsung forward... but it wasn't easy.
Being chairman for the past five years and so, there should be no defective products. Focus on product quality, not quantity.
To ensure Samsung became synonymous with quality, Lee ordered a bonfire be built to burn 20 million dollars' worth of defective goods... to show the company was determined to make quality its over-riding goal.
Under Lee Kun-hee's leadership, Samsung blossomed into one of the world's biggest and most well-known tech companies.
During his three decades as chairman, Samsung Group gained worldwide brand recognition, becoming the leading global player in industries such as TVs, smartphones, and semiconductors.
Min Suk-hyen Arirang News.
2020-10-26, 12:00 (KST)
#Samsung #achievement #LeeKunhee
📣 Arirang News(Facebook) : https://www.facebook.com/arirangtvnews
📣 Arirang News(Twitter) : https://twitter.com/arirangtvnews
📣 News Center(YouTube) : https://www.youtube.com/c/NEWSCENTER_ARIRANGTV
SK Kim of Daiwa Capital Markets says that Samsung will look for M&A opportunities more aggressively and pay higher dividends if Lee Jae-yong succeeds his father...
SK Kim of Daiwa Capital Markets says that Samsung will look for M&A opportunities more aggressively and pay higher dividends if Lee Jae-yong succeeds his father as chairman.
SK Kim of Daiwa Capital Markets says that Samsung will look for M&A opportunities more aggressively and pay higher dividends if Lee Jae-yong succeeds his father as chairman.
Lee Kun-hee, who transformed Samsung Electronics Co. from a copycat South Korean appliance maker into the world’s biggest producer of smartphones, televisions a...
Lee Kun-hee, who transformed Samsung Electronics Co. from a copycat South Korean appliance maker into the world’s biggest producer of smartphones, televisions and memory chips, has died. He was 78.
Lee passed away on Sunday with his family by his side, the company said in a statement, without mentioning the cause of death. His family will hold a private funeral. He had been hospitalized since a heart attack in 2014 and was treated for lung cancer in the late 1990s.
Lee, who told employees to “change everything except your wife and children” during his drive to foster innovation and challenge rivals such as Sony Corp., was South Korea’s richest person. He had an estimated net worth of $20.7 billion, according to the Bloomberg Billionaires Index. Samsung, the biggest of South Korea’s family-run industrial groups, known as chaebol, has been led by his only son since the heart attack.
“Chairman Lee was a true visionary who transformed Samsung into the world-leading innovator and industrial powerhouse from a local business,” the company said. “His legacy will be everlasting.”
His son Jay Y. Lee has been the conglomerate’s de facto leader since his father’s hospitalization in 2014, but it isn’t clear whether he will take over his father’s role as had long been anticipated. The younger Lee is currently grappling with two simultaneous legal disputes with South Korean prosecutors over allegations of bribery and corruption related to succession.
Lee, who has denied any wrongdoing, was in fact supposed to attend a hearing for one of those court cases Monday, but instead is expected to remain at the hospital with his family. Samsung hasn’t said who will step into the elder Lee’s role as chairman.
Samsung, the maker of the Galaxy line of smartphones, has been riding a Covid-era boom in online activity despite the legal clashes. The company also supplies semiconductors for Google’s data centers and Apple Inc.’s iPhone, and is the world’s most advanced maker of displays for TVs, computers and mobile devices.
Lee Kun-hee’s heirs now face an estate tax of roughly $10 billion, and paying it may complicate the family’s control of the Samsung conglomerate. His beneficiaries would likely have to sell some assets to cover the tax, diluting their stake in Samsung. South Korea’s levy of 50% on estates of more than 3 billion won ($2.6 million) is the second-highest among countries in the Organization for Economic Cooperation and Development, after Japan.
The Samsung empire includes 62 companies. Although the late Lee owned large chunks of some of the businesses — including 4.2% of Samsung Electronics — they’re not big enough to afford control of the conglomerate. The family depends on informal ties to executives who run related companies, and a lot of that soft power may dissipate with Lee’s death.
It was Lee Kun-Hee who built the company into the electronics powerhouse of today, becoming synonymous with the rise of South Korea on a global economic stage.
In 1967, Lee Kun-hee married Hong Ra-hee. In addition to his son Jay Y. he has two daughters, Boo-jin and Lee Seo-hyun. Another daughter, Lee Yoon-hyung, died in 2005 at age 26.
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QuickTake by Bloomberg is a global news network delivering up-to-the-minute analysis on the biggest news, trends and ideas for a new generation of leaders.
Lee Kun-hee, who transformed Samsung Electronics Co. from a copycat South Korean appliance maker into the world’s biggest producer of smartphones, televisions and memory chips, has died. He was 78.
Lee passed away on Sunday with his family by his side, the company said in a statement, without mentioning the cause of death. His family will hold a private funeral. He had been hospitalized since a heart attack in 2014 and was treated for lung cancer in the late 1990s.
Lee, who told employees to “change everything except your wife and children” during his drive to foster innovation and challenge rivals such as Sony Corp., was South Korea’s richest person. He had an estimated net worth of $20.7 billion, according to the Bloomberg Billionaires Index. Samsung, the biggest of South Korea’s family-run industrial groups, known as chaebol, has been led by his only son since the heart attack.
“Chairman Lee was a true visionary who transformed Samsung into the world-leading innovator and industrial powerhouse from a local business,” the company said. “His legacy will be everlasting.”
His son Jay Y. Lee has been the conglomerate’s de facto leader since his father’s hospitalization in 2014, but it isn’t clear whether he will take over his father’s role as had long been anticipated. The younger Lee is currently grappling with two simultaneous legal disputes with South Korean prosecutors over allegations of bribery and corruption related to succession.
Lee, who has denied any wrongdoing, was in fact supposed to attend a hearing for one of those court cases Monday, but instead is expected to remain at the hospital with his family. Samsung hasn’t said who will step into the elder Lee’s role as chairman.
Samsung, the maker of the Galaxy line of smartphones, has been riding a Covid-era boom in online activity despite the legal clashes. The company also supplies semiconductors for Google’s data centers and Apple Inc.’s iPhone, and is the world’s most advanced maker of displays for TVs, computers and mobile devices.
Lee Kun-hee’s heirs now face an estate tax of roughly $10 billion, and paying it may complicate the family’s control of the Samsung conglomerate. His beneficiaries would likely have to sell some assets to cover the tax, diluting their stake in Samsung. South Korea’s levy of 50% on estates of more than 3 billion won ($2.6 million) is the second-highest among countries in the Organization for Economic Cooperation and Development, after Japan.
The Samsung empire includes 62 companies. Although the late Lee owned large chunks of some of the businesses — including 4.2% of Samsung Electronics — they’re not big enough to afford control of the conglomerate. The family depends on informal ties to executives who run related companies, and a lot of that soft power may dissipate with Lee’s death.
It was Lee Kun-Hee who built the company into the electronics powerhouse of today, becoming synonymous with the rise of South Korea on a global economic stage.
In 1967, Lee Kun-hee married Hong Ra-hee. In addition to his son Jay Y. he has two daughters, Boo-jin and Lee Seo-hyun. Another daughter, Lee Yoon-hyung, died in 2005 at age 26.
Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm
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You can watch this video at https://koreanow.com
Marking his 7th year in the hospital bed, Samsung Group’s Chairman Lee Kun-hee turns 78 this Thursday.But with...
You can watch this video at https://koreanow.com
Marking his 7th year in the hospital bed, Samsung Group’s Chairman Lee Kun-hee turns 78 this Thursday.But with various uncertainties rising higher than ever, Samsung doesn’t seem to be in the brightest mood as it marks Lee’s 6th birthday at the hospital.Watch this video for more information.
Related article:
https://www.koreatimes.co.kr/www/tech/2019/01/133_261521.html
You can watch this video at https://koreanow.com
Marking his 7th year in the hospital bed, Samsung Group’s Chairman Lee Kun-hee turns 78 this Thursday.But with various uncertainties rising higher than ever, Samsung doesn’t seem to be in the brightest mood as it marks Lee’s 6th birthday at the hospital.Watch this video for more information.
Related article:
https://www.koreatimes.co.kr/www/tech/2019/01/133_261521.html
The Samsung Group's Chairman Lee Kun-hee has died at the age of 78.
He had been in hospital since 2014 after suffering a major heart attack.
Lee was one of South Korea's most influential and controversial business figures.
Al Jazeera’s Rob McBride reports from Seoul, South Korea.
- Subscribe to our channel: http://aje.io/AJSubscribe
- Follow us on Twitter: https://twitter.com/AJEnglish
- Find us on Facebook: https://www.facebook.com/aljazeera
- Check our website: https://www.aljazeera.com/
#Samsung #LeeKunhee #SouthKorea
You can watch this video at https://koreanow.com
Lee Kun-hee, who built Samsung Electronics
into the nation’s largest conglomerate and a global technology titan,
died in Seoul, Sunday at age 78
You can watch this video at https://koreanow.com
Samsung Electronics Co. Chairman Lee Kun-hee passed away in Seoul today at age 78.
It's six years and five months after he collapsed at his home in Itaewon on May 2014, due to myocardial infarction, commonly known as heart attack.
Related article:
https://en.yna.co.kr/view/AEN20201025001352320?section=search
Lee Kun－hee， the hospitalized chairman of Korea′s largest conglomerate， Samsung Group， remains the country′s richest stockholder.
According to conglomerate tracker Chaebul－dot－com， Lee held just over ten－point－one billion U.S. dollars′ worth of stocks as of last Friday， …up nearly 14－percent from last year.
He is followed by CEO of cosmetics giant AmorePacific， Suh Kyung－bae， whose stocks jumped nearly 48－percent on－year to eight－point－five billion dollars.
Lee′s son， and vice chairman of Samsung Electronics ， Lee Jae－yong is third， with a 145－percent jump in stocks from the previous year.
The 100－richest stockholders′ list includes 20 newcomers， including the chiefs of auto－parts manufacturer Hanyang Precision， and the chairman of Kolon Group.
삼성 이건희 회장 별세 그가 남긴 업적
Lee Kun-hee played a pivotal role in helping South Korea rise as a global leader in high-tech manufacturing.
From a modest beginning, under Lee's leadership, Samsung branched out into numerous sectors, and is now a world-leading, multi-billion dollar player in the global smartphone and semiconductor industries.
Min Suk-hyen reports.
Samsung Group chairman Lee Kun-hee died early Sunday at the age of 78.
He's widely credited as being the driving force behind the tech giant's spectacular global expansion.
In 1987, at the age of 45, Lee inherited the Samsung crown after the passing of his father Lee Byung-chul, who founded the company.
At that point, Lee vowed to make Samsung strong through innovation.
"I will develop Samsung into a world-class company through challenging and future-oriented management."
In 1993, Lee gathered a group of Samsung executives in Frankfurt to guide them through the corporation's future path.
Known as the Frankfurt Declaration, he demanded major reforms, saying everything must change, except for his employees' wives and children.
He also stressed the need for quality over quantity.
This was one of his key management philosophies pushing Samsung forward... but it wasn't easy.
Being chairman for the past five years and so, there should be no defective products. Focus on product quality, not quantity.
To ensure Samsung became synonymous with quality, Lee ordered a bonfire be built to burn 20 million dollars' worth of defective goods... to show the company was determined to make quality its over-riding goal.
Under Lee Kun-hee's leadership, Samsung blossomed into one of the world's biggest and most well-known tech companies.
During his three decades as chairman, Samsung Group gained worldwide brand recognition, becoming the leading global player in industries such as TVs, smartphones, and semiconductors.
Min Suk-hyen Arirang News.
2020-10-26, 12:00 (KST)
#Samsung #achievement #LeeKunhee
📣 Arirang News(Facebook) : https://www.facebook.com/arirangtvnews
📣 Arirang News(Twitter) : https://twitter.com/arirangtvnews
📣 News Center(YouTube) : https://www.youtube.com/c/NEWSCENTER_ARIRANGTV
SK Kim of Daiwa Capital Markets says that Samsung will look for M&A opportunities more aggressively and pay higher dividends if Lee Jae-yong succeeds his father as chairman.
Lee Kun-hee, who transformed Samsung Electronics Co. from a copycat South Korean appliance maker into the world’s biggest producer of smartphones, televisions and memory chips, has died. He was 78.
Lee passed away on Sunday with his family by his side, the company said in a statement, without mentioning the cause of death. His family will hold a private funeral. He had been hospitalized since a heart attack in 2014 and was treated for lung cancer in the late 1990s.
Lee, who told employees to “change everything except your wife and children” during his drive to foster innovation and challenge rivals such as Sony Corp., was South Korea’s richest person. He had an estimated net worth of $20.7 billion, according to the Bloomberg Billionaires Index. Samsung, the biggest of South Korea’s family-run industrial groups, known as chaebol, has been led by his only son since the heart attack.
“Chairman Lee was a true visionary who transformed Samsung into the world-leading innovator and industrial powerhouse from a local business,” the company said. “His legacy will be everlasting.”
His son Jay Y. Lee has been the conglomerate’s de facto leader since his father’s hospitalization in 2014, but it isn’t clear whether he will take over his father’s role as had long been anticipated. The younger Lee is currently grappling with two simultaneous legal disputes with South Korean prosecutors over allegations of bribery and corruption related to succession.
Lee, who has denied any wrongdoing, was in fact supposed to attend a hearing for one of those court cases Monday, but instead is expected to remain at the hospital with his family. Samsung hasn’t said who will step into the elder Lee’s role as chairman.
Samsung, the maker of the Galaxy line of smartphones, has been riding a Covid-era boom in online activity despite the legal clashes. The company also supplies semiconductors for Google’s data centers and Apple Inc.’s iPhone, and is the world’s most advanced maker of displays for TVs, computers and mobile devices.
Lee Kun-hee’s heirs now face an estate tax of roughly $10 billion, and paying it may complicate the family’s control of the Samsung conglomerate. His beneficiaries would likely have to sell some assets to cover the tax, diluting their stake in Samsung. South Korea’s levy of 50% on estates of more than 3 billion won ($2.6 million) is the second-highest among countries in the Organization for Economic Cooperation and Development, after Japan.
The Samsung empire includes 62 companies. Although the late Lee owned large chunks of some of the businesses — including 4.2% of Samsung Electronics — they’re not big enough to afford control of the conglomerate. The family depends on informal ties to executives who run related companies, and a lot of that soft power may dissipate with Lee’s death.
It was Lee Kun-Hee who built the company into the electronics powerhouse of today, becoming synonymous with the rise of South Korea on a global economic stage.
In 1967, Lee Kun-hee married Hong Ra-hee. In addition to his son Jay Y. he has two daughters, Boo-jin and Lee Seo-hyun. Another daughter, Lee Yoon-hyung, died in 2005 at age 26.
Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm
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Email us at [email protected]
QuickTake by Bloomberg is a global news network delivering up-to-the-minute analysis on the biggest news, trends and ideas for a new generation of leaders.
You can watch this video at https://koreanow.com
Marking his 7th year in the hospital bed, Samsung Group’s Chairman Lee Kun-hee turns 78 this Thursday.But with various uncertainties rising higher than ever, Samsung doesn’t seem to be in the brightest mood as it marks Lee’s 6th birthday at the hospital.Watch this video for more information.
Related article:
https://www.koreatimes.co.kr/www/tech/2019/01/133_261521.html
Lee Kun-hee (Korean pronunciation:[iːɡʌnhi]; born January 9, 1942 ) is a South Korean business magnate and the chairman of Samsung Group. He had resigned in April 2008, owing to a Samsung slush funds scandal, but returned on March 24, 2010. He speaks Korean, English, and Japanese. In 1996, Lee became a member of the International Olympic Committee. With an estimated net worth of $12.6billion, he and his family rank among the Forbes richest people in the world. He is the third son of Samsung founder Lee Byung-chul.
Lee joined the Samsung Group in 1968 and took over the chairmanship on December 1, 1987, just two weeks after the death of his father, Lee Byung-chul, who founded Samsung. In the early 1990s, believing that Samsung Group was overly focused on producing massive quantities of low-quality goods and that it was not prepared to compete in quality, Lee famously said in 1993 "Change everything except your wife and kids" and true to his word attempted to reform the profoundly Korean culture that had pervaded Samsung until this point. Foreign employees were brought in and local employees were shipped out as Lee tried to foster a more international attitude to doing business.
I really thought I got it this time, I never knew a thing like this could end I guess I'm really back to nothing To what they use to call square one (I'm starting all over) Waking up alone again now Staring at the phone and wondering how Reading all the letters once more Try to figure out how this could be (All over so over) But then there is that someone Wherever I'm turning she's there Like no one You take the pain away Like the sun Lighting up my everyday You are the sun the only one Like no one You stay around for me Like the sun Lighting up the way for me You are the sun the only one you are the sun oh I know I really shouldn't do this I really shouldn't make the same mistake (All over we've been there) I don't even wanna do it It's just a way of keeping thoughts away (An easy solution) It'll always be that someone Wherever I'm turning she's there Like no one You take the pain away Like the sun Lighting up my everyday You are the sun the only one Like no one You stay around for me Like the sun Lighting up the way for me You are the sun the only one you are the sun You are the sun The only one I turn to in need You are the sun The only one I truly believe oh Like no one You take the pain away Like the sun Lighting up my everyday You are the sun the only one Like no one You take the pain away Like the sun Lighting up my everyday You are the sun the only one Like no one Like the sun
An architectural model of the winning design for the national cultural landmark in Songhyeon-dong, central Seoul, which will house late Samsung Group Chairman Lee Kun-hee's donated art collection / Courtesy of Ministry of Culture, Sports and Tourism.
Vicky Safra had just turned 17 when she married the man who would become the world’s richest banker ... In South Korea, Hong Ra-hee, the wife of the late Samsung Group chairman Lee Kun-hee, is now worth more than $7bn since inheriting some of his stock.
Lee Myung-bak... Lee Myung-bak, President of South KoreaImageCredit ... Most notably, he was found guilty of taking bribes from Samsung in exchange for favours to the conglomerate's then chairman, Lee Kun-hee, who had been convicted of tax evasion.
... Lee Myung-bak ... Most notably, he was found guilty of taking bribes from Samsung in exchange for favours to the conglomerate's then chairman, Lee Kun-hee, who had been convicted of tax evasion.
It was found that Samsung Group — then under leadership of the late Lee Kun-hee — had paid billions of won in litigation fees on behalf of DAS, an auto parts maker whose true ownership the Supreme Court in 2020 recognised as former president Lee.
The tech giant entered the semiconductor business in December 1974 after acquiring Korea Semiconductor under the vision of late Chairman Lee Kun-hee and quickly established itself as an industry leader.
Fortune described Lee as "Korea's richest person," saying he had been "groomed for power, raised, educated and trained to take over" the business empire from his father, the late Samsung Chairman Lee Kun-hee.
This predicament was arguably coined in 2007 by then-Samsung Group head Lee Kun-hee. At the time, Lee described Asia’s fourth-biggest economy as sandwiched between wealthy Japan and low-cost China.
The Art Institute of Chicago is set to be one of three major institutions hosting the 2025-2026 touring exhibition featuring highlights from the 23,000-piece collection donated by the family of the late Samsung Group Chairman Lee Kun-hee in 2021 ... .
Samsung faces urgent need for reform ... To regain its competitive edge, Samsung’s chairman, Lee Jae-yong, must step forward and articulate a new vision for the company, reminiscent of the leadership style of his father, Lee Kun-hee ... .
Lee Kun-hee, front row right, then-chairman of Samsung Electronics, sits with his wife Hong Ra-hee, front row center, and their three children as they watch the men's 400-meter swimming final at the the 2012 London Olympics.
A year later, the donation of the late Samsung Group Chairman Lee Kun-hee’s historic 23,181-piece collection by his heirs to offset an $11 billion inheritance tax bill further fueled the discussion about art as a viable in-kind payment alternative.
Notable examples include Hong Ra-hee, the wife of the late Samsung Group Chairman Lee Kun-hee, and Roh Soh-yeong, the estranged wife of SK Group Chairman Chey Tae-won.
The Rise of Family Offices in Asia...Consider this ... Why Singapore? ... In 2020, following the death of Korean Samsung patriarch Lee Kun-hee, his heirs had to sell approximately $2 billion worth of company shares to cover the inheritance tax ... ....
