Samsung CEO Lee Kun-hee has passed away

Samsung group chairman Lee Kun-hee has passed away after years of illness. Kun-hee was the conglomerate’s chief executive for many years, but was also controversial and charged with fraud and corruption.

Kun-hee died in hospital, where he had been lying for years after suffering a heart attack in 2014. Although he had been ill for years, he formally remained the leader of the Samsung group, although in practice his son was the highest boss. Kun-hee turned 78 years old.

In 1987 Kun-hee became the leader of the conglomerate, after the death of his father who founded the Samsung group of companies. Under Kun-hee’s leadership, Samsung became a major player in the electronics market, including smartphones and tablets. He was therefore considered a successful leader, but came under fire in 2008 after allegations of corruption and later also of tax fraud.

Not only Kun-hee was accused of corruption; the entire Samsung summit had to deal with this, and the intended successor, son Lee Jae-yong, was sentenced to five years in prison for corruption, including bribes paid to the then president of South Korea. Director Kwon Oh-hyun, resigned that same year because of what he says was ‘unprecedented crisis’ in which the company had ended. Earlier this year, Lee Jae-yong indicated that he does not want to transfer ownership of Samsung to his children.

Due to Kun-hee’s death and succession problems, it is currently unclear who will be Samsung’s next top boss. Because there are no longer transfers within the family, someone from outside will be at the helm of Samsung for the first time.