South Korean giant, Samsung Electronics has lost its chairman.
Lee Kun-hee died at the age of 78 on Sunday (Oct 25) , the company said.
Under Mr Lee’s leadership, Samsung rose to become the world’s largest producer of smartphones and memory chips, and the firm’s overall turnover today is equivalent to a fifth of South Korea’s gross domestic product.
Known for a reclusive lifestyle, Mr Lee was left bedridden by a heart attack in 2014. Little was revealed about his condition, leaving him shrouded in mystery even in his final days.
“It is with great sadness that we announce the passing of Kun-hee Lee, chairman of Samsung Electronics,” the company said in a statement.
“Chairman Lee passed away on Oct 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,” the firm said, adding: “His legacy will be everlasting.”