Samsung

<p>Samsung Electronics has announced the death of its chairman, Lee Kun-hee.</p>



<p><a href="https://openlife.ng/">Lee Kun-hee</a> transformed the South Korean firm into a global tech titan. He died at the age of 78 on Sunday, the company said.</p>



<p>Under Lee’s leadership, Samsung rose to become the world’s largest producer of smartphones and memory chips. The firm’s overall turnover today is equivalent to a fifth of South Korea’s GDP.</p>



<p>Samsung’s meteoric rise helped make Lee South Korea’s richest and most <a href="https://www.nytimes.com">powerful industrialist.</a></p>



<p>“It is with great sadness that we announce the passing of Kun-hee Lee, Chairman of Samsung Electronics,” the company said.</p>



<p>“Chairman Lee passed away on October 25 with his family, including Vice Chairman Jay Y. Lee, by his side.</p>



<p>“Chairman Lee was a true visionary. He transformed Samsung into the world-leading innovator and industrial powerhouse from a local business. “His legacy will be everlasting,&#8221; the firm said,</p>



<p>Samsung is by far the biggest of the family-controlled conglomerates, or chaebols, that dominate business in <a href="https://openlife.ng/">South Korea</a>.</p>



<p>They drove the nation’s transformation from a war-ravaged ruin to the world’s 12th-largest economy, but nowadays are accused of murky political ties and stifling competition — with Lee himself twice convicted of criminal offences, in one case bribing a president.</p>



<p>When Lee inherited the chairmanship of the Samsung group in 1987 — founded by his father as a fish and fruit exporter — it was already the country’s largest conglomerate, with operations ranging from consumer electronics to construction.</p>



<p>But it was seen as a shoddy producer of cheap, low-quality products.</p>



<h2 class="wp-block-heading"><strong>EVERGREEN</strong></h2>



<p>“Let’s change everything except our wives and kids,” Lee said in 1993.</p>



<p>The company gathered up and burnt all 150,000 <a href="https://www.washingtonpost.com">mobile phones</a> it had in stock, paving the way for the rebirth of the highly successful “Anycall” handset.</p>



<p>With Lee at the helm, Samsung became a global behemoth: by the time he suffered a heart attack in 2014, it was the world’s biggest maker of smartphones and memory chips, and a major player in semiconductors and LCDs.</p>



<p>Lee rarely spoke to the media, but was closely watched whenever he broke his long silences, often with doom-laden <a href="https://openlife.ng/">New Year</a> corporate addresses.</p>



<p>His son, Vice Chairman, Lee Jae-yong, has been at the helm of the company since his 2014 heart attack.</p>



<p>Before he died,<strong> </strong>Lee<strong> was </strong>nicknamed ‘Hermit king.’ This was on account of his seldom appearance at the company’<strong>s</strong> headquarters.</p>



<p><br>Despite his immense wealth and power, he was comfortable within the high walls of his private compound in central Seoul.</p>

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