Former Samsung Chairman Lee Kun-hee Passes Away

Lee Kun-hee, Samsung Group chairman for three-plus decades, died yesterday at 78. He’s credited with transforming the chaebol—a large, family-run firm—into a global tech powerhouse.

Samsung is now a top manufacturer of semiconductors, smartphones, and consumer electronics. But the conglomerate does much more, with subsidiaries in industries ranging from shipbuilding to insurance sales. Fun fact: Samsung built the world’s tallest building, the Burj Khalifa in Dubai.

Some South Koreans call their country “The Republic of Samsung.” Since Samsung contributes roughly 17% of South Korea’s GDP, the moniker isn’t misleading.

• Lee told employees he was driven by a constant sense of crisis—to keep the company innovating and ward off complacency.
• His tenure at Samsung Group was not controversy-free. In 1996, Lee was convicted of bribing politicians, and in 2008, of tax evasion. He received presidential pardons for both incidents.

Bottom line: Even though he was out of the limelight in recent years,Lee played a pivotal part in Samsung’s continued evolution. Investors are watching how Samsung and Lee’s heirs will pay gargantuan inheritance taxes on his shares.