Samsung Electronics has announced the death of its chairman, Lee Kun-hee. The company says he died on October 25th with family including his son, vice-chairman Lee Jae-yong, at his side. He was 78.
A cause of death was not given, but Lee had been incapacitated for many years after suffering a heart attack in 2014, causing him to withdraw from public life. Lee Jae-yong, also known as Jay Y. Lee, had been widely assumed to take over upon his father's passing and has been viewed as the de facto leader in recent years.
Lee Kun-hee played a huge part in pushing Samsung from a cheap TV and appliances maker to one of the most powerful technology brands in the world. He became the richest man in South Korea, with the Samsung group contributing around a fifth of the country's GDP. In its statement, Samsung says that Lee's declaration of "new management" in 1993 was "the motivating driver of the company's vision to deliver the best technology to help advance global society."
Lee's passing will reignite inevitable speculation over the succession process. While Lee Jae-yong has long been groomed to become chairman, he's had legal issues of his own since his father's incapacitation. South Korean law also means that anyone assuming Lee's assets will face paying several billion dollars in inheritance tax, which may force them to reduce their stake in the company.
Resource: theverge.com
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