The chairman of South Korea’s largest conglomerate, Samsung Group, Lee Kun-hee has died aged 78 after a long protracted illness.
Samsung said the late businessman died on Sunday with family by his side, but did not state the exact cause of death. A heart attack in 2014 had left him living in care.
“Chairman Lee was a true visionary who transformed Samsung into the world-leading innovator and industrial powerhouse from a local business,” Samsung said in a statement. “All of us at Samsung will cherish his memory and are grateful for the journey we shared with him.”
During his lifetime, Samsung Electronics also became one of the world’s biggest tech firms. He was the richest person in South Korea, according to Forbes, with a net worth of nearly $21billion.
Lee’s son, Jay Y. Lee, has led the company since becoming Vice Chairman in 2012 and is expected to inherit his father’s title.
