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Farewell to 'Mr. Samsung', the Korean miracle man

2020-10-25T18:33:03.649Z


Lee Kun-hee, president of Samsung Electronics, died today in Seoul after a hospitalization that lasted years following a heart attack in 2014. (ANSA)


The key statement on 'New Management' dates back to 1993 and is known in South Korea as the founding turning point not only of the miracle of the Samsung group but of the entire industry of the country, which treasured that experience.

"Change everything, except wives and children," Lee Kun-hee said at a corporate event in Frankfurt, the most sensitive up to that point in his management.

THE

The president of Samsung Electronics died today in Seoul at the age of 78 after a year-long hospitalization following the heart attack that hit him in 2014.

The youngest of three brothers, he took over in 1987 the leadership of the group founded by his father for the export of fish and fruit and which, instead, had already become the first South Korean industrial champion, with activities ranging from consumer electronics to construction and heavy industry.

That day in Germany, Lee wanted to emphasize the urgency and spur executives to break new ground to reinvent the company, known at the time for low-cost televisions, by focusing as a visionary on advanced technology to amaze the world.

Those efforts paid off thanks to hard work and dedication: in 2006 Samsung overtook Sony to become the leader in the global TV market;

five years later it overtook Apple, then the largest smartphone maker.

And in the following years it was the turn of chips and memory cards, the real driving force of the impetuous growth of the conglomerate, in a sector dominated by American and Japanese corporations.

"It is with great sadness that we announce the passing of Kun-hee Lee, president of Samsung Electronics," the company said in the note.

Lee died on October 25 alongside his family, including Vice President Jay Y. Lee.

He was a true visionary who transformed Samsung from a local company into an innovative player and global industrial power and his legacy will be eternal. "Under the leadership of Lee, Samsung, the largest family-owned conglomerate ('chaebol') in the country , has seen its turnover grow to over $ 200 billion and alone is worth a fifth of South Korea's GDP, as well as 20% of its exports. Known for its solitary lifestyle and nickname 'king hermit, Lee has at the same time had to deal with financial scandals and corruption due to the obscure entanglement with politics, also collecting two convictions for various types of crimes.

Source: ansa

All life articles on 2020-10-25

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