Samsung chairman, Lee Kun-hee, dies at 78

Lee Kun-hee, chairman of South Korea’s Samsung Electronics, died on Sunday at age 78.

His family did not state the exact cause of death.

In May 2014, Kun-hee had suffered a heart attack which left him in a coma.

“It is with great sadness that we announce the passing of Kun-hee Lee, chairman of Samsung Electronics,” a statement released by the company on Sunday read.

“Chairman Lee passed away on October 25 with his family, including vice chairman Jay Y. Lee, by his side.

“Chairman Lee was a true visionary who transformed Samsung into the world-leading innovator and industrial powerhouse from a local business.

“All of us at Samsung will cherish his memory and are grateful for the journey we shared with him.”

Kun-hee was the third son of Lee Byung-Chull, Samsung Group founder, who started a trading company in 1983 and Kun-hee took over as chairman in 1987 following his father’s death.

When the electronics group started, it was a producer of cheap, low-quality products but under the late businessman leadership’s, radical reforms were introduced to the company.

According to Forbes, as of Sunday, October 25, Kun-hee was the richest man in South Korea and 75th in the world, with a net worth of $20 billion.

Jay Lee, Kun-hee’s son and vice chairman of Samsung Electronics since 2012 is expected to inherit his father’s title.