On October 25, 2020 at the age of (born January 9, 1942) 78, a man with a huge impact on the success of the Samsung corporation died. In fact, the cause of Lee Kun-hee’s death was complications from a previous heart attack.
“President Lee was a true visionary who turned Samsung into a global leader in innovation and turned local business into an industrial powerhouse. His 1993 New Management Declaration was the motivation behind the company’s vision of delivering the best technology to help develop a global society. His the legacy will be eternal ” – Samsung said in a statement.
While Lee Kun-hee was CEO, the corporation has transformed from a mid-range manufacturer of consumer electronics such as vacuum cleaners and televisions. For a real economic power. Without a doubt, becoming one of the largest manufacturers of smartphones (such as Galaxy Z Fold 2 5G) and DRAM memory in the world.
Moreover thanks to influence and good decisions, Samsung Electronics is on the list of the 10 best brands in the world.
It is noteworthy that Samsung generates such a profit that, as a corporate giant, it generates one fifth of South Korea’s gross domestic product. Which undoubtedly contributed to the economic improvement of the entire country, and following this line of thinking. The world without Samsung would look different than the one we know today.
Undoubtedly, the Asian financial crisis of 1997-1998 did not harm Samsung. Only Samsung Motor Co had to be sold for 5 billion dollars to the Renault concern. After that time, Samsung Electronics began to develop even more. Samsung Electronics was able to beat the world leader in this field, Intel.
Finally, Lee Kun-hee has been bedridden since 2014, when he suffered his first heart attack. Since then, the company has been run by his son Lee Jae-yong. Undoubtedly, the corporation has lost an important personality to its success.
Lee Kun-hee was the richest man in South Korea. It had USD 20.1 billion (as of September 2020).