The pinnacle of Samsung, Kun-Hee Lee, has died on the age of 78, the corporate stated Saturday. It did not specify what precipitated his dying, however Lee has been unwell since a coronary heart assault in 2014. He is credited because the particular personafter refocusing the corporate on making high-end merchandise as an alternative of low-cost, commodity gadgets.
“Chairman Lee was a real visionary who remodeled Samsung into the world-leading innovator and industrial powerhouse from an area enterprise,” Samsung stated in an announcement. “All of us at Samsung will cherish his reminiscence and are grateful for the journey we shared with him.”
Samsung did not instantly reply to a request for extra info.
Lee’s father, Byung-chul Lee, based Samsung Group — Samsung Electronics’ dad or mum — in 1938 as a buying and selling firm that offered dried Korean fish, greens, and fruit to China. Samsung did not begin promoting electronics till 31 years later, in 1969. And it wasn’t till the mid-1990s that Kun-hee Lee, then on the helm of the corporate after the 1987 dying of his father, dedicated to creating high-end merchandise and shed Samsung’s status for reasonable items. In 1993, throughout an govt retreat in Frankfurt, he informed staff that they wanted to “change all the things however your spouse and youngsters.”
Samsung famous in its assertion Saturday (Sunday native time in Korea) that Lee’s “1993 declaration of ‘New Administration’ was the motivating driver of the corporate’s imaginative and prescient to ship the perfect expertise to assist advance world society.”
That proclamation wasn’t sufficient, nonetheless. Early in 1995, Kun-hee Lee found that telephones he gave as presents did not work. Enraged, he traveled to Gumi, residence to Samsung’s important meeting plant about three hours south of Seoul by automobile, and dumped 150,000 telephones onto a subject. Then, the story goes, he ordered staff to encompass the pile, and instructed a few of them to mild the telephones on fireplace and plow over the mess with a bulldozer. After that, Samsung Electronics put excessive give attention to designing high-quality merchandise, one thing that is helped it appeal to clients to its myriad of gadgets.
Right this moment, Samsung is without doubt one of the world’s greatest telephone makers — it held the title on-and-off for almost a decade— in addition to an enormous in TVs, parts manufacturing, reminiscence chips and residential home equipment.
Lee was born on Jan 9, 1942 in part of Korea occupied by Japan. He graduated from Waseda College in Tokyo in 1965 and studied for a grasp’s at George Washington College however left with out ending his diploma, according to the New York Times.
In 1966, he began a job at Tongyang Broadcasting Firm, an affiliate of Samsung, and later labored for Samsung’s development and buying and selling enterprise, referred to as Samsung C&T. In 1979, he grew to become vice chairman of Samsung Group.
Lee served as chairman of Samsung Group from 1987 to 1998 and chairman and CEO of Samsung Electronics from 1998 to 2008. He once more served as chairman of Samsung Electronics from 2010 to his dying. He helped Samsung turn out to be one of the crucial highly effective firms in expertise, which turned him into the richest man in South Korea. However he confronted authorized issues over time. Lee was convicted and pardoned twice for white-collar crimes in South Korea, first in 1996 and once more in 2008.
Whereas Samsung is without doubt one of the best-known and largest firms on the earth, it has struggled in recent times. Lee’s hospitalization starting in 2014 left a dearth of route from the highest of the corporate. Lee’s son and inheritor obvious, Jay Y. Lee, has been overseeing Samsung since his father grew to become ailing, however he is confronted authorized problems with his personal. In 2017,after being discovered responsible by a Seoul court docket of bribery and different costs. On the time, considered one of Samsung’s co-CEOs . The youthful Lee’s sentence was suspended the next yr.
Samsung stated Jay Y. Lee was by his father’s aspect when he died.
Samsung of late has confronted different hurdles, notably because the novel coronavirus pandemic rages throughout the globe. 2020 was speculated to be a powerful yr for the telephone business, as improvements like 5G and foldable screens bought folks procuring once more. As an alternative, monetary struggles and worries about COVID-19 will restrict the variety of gadgets firms could make and what number of phones folks will truly purchase.
Whereas Samsung was one of many first firms to launch a telephone with 5G, it has been surpassed by Huawei. And analysts— with lower than three months of gross sales. That places Samsung, as soon as the chief with the brand new connectivity, in third place. It has counted on its parts enterprise to buoy its income, whereas its different electronics have struggled.
Earlier this month,within the third quarter. In current months, Samsung’s chip enterprise has gotten a lift from information facilities that depend on the expertise to retailer all the things we’re doing on-line.