Samsung Chairman Lee Kun-hee passes away at the age of 78!
Galatta | Oct 25, 2020, 03:05 pm
Most people across the world would have used some Samsung product or the other, at some point in their lives! The Chairman of this world famous company - Lee Kun Hee, has now passed away at the age of 78! This sad news was confirmed by a statement from Samsung, which read, "All of us at Samsung will cherish his memory and are grateful for the journey we shared with him." The South Korean conglomerate was founded as a very small company named Samsung Group by Lee Byubg-chul, in 1938! His third son was Lee Kun-hee, who joined the family company in 1968 and took over as the Chairman in 1987, following his father's death. When he took over, Samsung had the reputation of being a company which produced cheap, low-quality products but Lee Kun-hee changed all of that. Bringing in a sea-change under his leadership, Samsung was remodelled completely!
There is a very famous incident which is popular with all of Samsung's employees! In 1993, Mr. Lee Kun-hee is said to have addressed all the employees of the company and said, "Let's change everything except our wives and kids." He did not stop with that but went on to burn the company's then existing entire stock of mobile phones - about 150,000 handsets! The currently world-renowned Samsung is also the biggest of South Korea's family owned companies, which are also known as Chaebols and contributes massively to the country's economy! It was Lee Kun-hee who transformed his father's small trading business into a world class tech giant, also delving into shipping and insurance. However, Samsung and Lee Kun-hee have often been accused of being involved in messy politics, especially bribing.
Forbes had placed Mr. Lee Kun-hee as the richest man in South Korea and had estimated his worth to be 16 billion dollars! The exact cause of his death is as yet unknown but he had been under special care, following a cardiac arrest that he suffered in 2014! Earlier, in his career, Lee Kun-hee had stepped down as the Samsung Chairman in 2008, after he was charged with tax evasion and embezzlement of funds and was also given a 3-year suspended jail sentence. However, he was granted a Presidential pardon in 2009 and successfully lead South Korea's bid to host the 2018 Winter Olympics and resumed his post as Samsung Chairman, in 2010! Lee Kun-hee has 4 children, a son and three daughters. We pray for Lee Kun-hee's soul to rest in peace!