Samsung Electronics chairman Lee Kun-hee, who had transformed the South Korean firm into a global tech titan, died at the age of 78 on Sunday, the company said.
“It is with great sadness that we announce the passing of Kun-hee Lee, Chairman of Samsung Electronics,” the company said in a statement.
Samsung has always been regarded as a unique entity beyond a company. In the background of that’speciality’, the footsteps of Chairman Lee Kun-hee, who passed away today on the 25th Oct, overlap to a large extent Samsung’s actions for the 27 years in which he led the Samsung Group after his father, Chairman Lee Byung-Cheol, before he collapsed from myocardial infarction in 2014, represented a change in the status of the Korean economy.
Samsung Electronics, the flagship company of the Samsung Group, recorded 230 trillion won in annual sales last year. It amounts to half of the government budget (469 trillion won). It is a vivid example of Samsung Electronics’ position in the Korean economy. The determination of Chairman Lee Kun-hee was the decisive excuse in the process of Samsung Electronics, which had been defeated by Goldstar Electronics (currently LG Electronics) in the domestic home appliance field until the 1980s, as a global leader in memory semiconductors, smartphones, TVs, and displays.
In December 1987, he succeeded the late Samsung Group founder Lee Byeong-Cheol and became the head of the group, and in his inauguration address, he kept the promise of “growing Samsung into a world-class company.”Born in 1942 as the third son of the late Chairman Lee Byung-Cheol, Chairman Lee started his business class in 1966, when he was listed on Dongyang Broadcasting and Samsung C&T.
After taking over the management of the group after his father’s sudden death, he focused on semiconductors the most. The first achievement was when Samsung Electronics succeeded in developing the world’s first 64MB D-RAM in 1992.
The so-called new Management Declaration’ in June 1993 foreshadowed a significant change in the corporate structure. In fact, in March 1995, Samsung Electronics’ Gumi factory accumulated all 150,000 mobile phones on the market and held a picture format’. At the time, when the defect rate of wireless phones soared to 11.8%, shock therapy was applied.
Despite the success of smartphones and displays following memory semiconductors, his quick judgments helped. ‘Lee Kun-hee’s management, which takes advantage of the characteristics of this field, where rapid technology development and large-scale investment are essential due to the rapid product conversion cycle.
This is the background of the birth of the twin myth’ of semiconductors and smartphones, which still play a vital role in the Korean economy. A thorough performance-oriented greeting is also a hallmark of Lee Kun-hee’s era. He has already introduced a regional expert system since 1990 to cultivate global experts and prepare for the age of internationalization.