Korean media: Lee Kin hee, President of Samsung, died at the age of 78


Sina science and technology news on the morning of October 25, according to Yonhap news, South Korea’s Samsung President Lee Jianxi died at the age of 78.
As the chairman of South Korea’s top chaebol, Li Jianxi was sent to hospital after a heart attack at his home center in central Seoul on May 10, 2014. He was sent to Samsung Medical Center for stent implantation and has been living in the exclusive area of the hospital for treatment. It is reported that up to now, Li Jianxi was still able to breathe autonomously. He was awake for 15-19 hours a day and continued to receive rehabilitation treatment. Later, he died on the 25th because of the deterioration of his condition and ineffective rescue.
A Samsung statement said his family, including his only son and Li zaireng, the actual head of the company, were at his side when he died on Sunday, but Samsung did not mention the specific cause of his death. He was treated for lung cancer in the late 1990s.
“Chairman Li is a real visionary who transformed Samsung from a local company into a world leading innovator and industrial power,” Samsung said in a statement. “His legacy will be eternal.”
Li Rong expressed his gratitude to all the people of Samsung who have gone through his journey together with us.
Li Jianxi inherited his father’s legacy. In his nearly 30 years of Samsung leadership, Samsung Electronics has become a global brand, and its business covers shipbuilding, life insurance, construction, hotel and amusement park operations. Samsung is by far the largest family controlled conglomerate and dominates business in South Korea, the world’s 12th largest economy. The company’s overall turnover, equivalent to one-fifth of South Korea’s GDP, is vital to the country’s economic health. Samsung Electronics alone accounts for 20% of market capital in South Korea’s major stock markets. Mr. Li’s net assets are about $20.7 billion, according to the company.
Lee has been trying to enhance Samsung’s brand value through the Olympic Games. In 2009, the South Korean President pardoned Lee for the second time, hoping that he would help South Korea host the 2018 Pyeongchang Winter Olympics. This is the second time that Li Jianxi has been pardoned by the president, and Samsung has indeed played an important role in the subsequent Pingchang Winter Olympics.
Li Jianxi has a son and three daughters, the eldest son Li zaireng, the second daughter Li Fuzhen (currently the president of Xinluo Hotel), the third daughter Li Xuxian (currently serving as the vice president of Samsung Group) and the youngest daughter Li Yinxin. Since the 1990s, Li Jianxi has been examining the business brains of one son and three women. Different from his father, although Li Jianxi preferred his eldest son, Li zaireng, he had always been a “fan Gu” to his class. He never stated that any children would inherit Samsung industry alone. Among the four, Li Jianxi’s favorite is his youngest daughter, Li Yinxin. However, her accidental death in 2005 forced her to focus on other alternatives.
His eldest son, vice chairman of Samsung Electronics, has been in charge of the company since his heart attack in 2014.
Even though Li Jianxi was absent repeatedly in his last years because of his physical condition, he still had great control over the company. When Samsung tried to shift control of the dynasty to his only son, 52 year old vice-chairman Li zaireng, a legal case was immediately triggered, accusing him of bribery and financial fraud.
In 2017, Li Zairong was caught in a scandal related to the resignation of former President Park Geun hye, suspected of bribery, embezzlement and other crimes, and was sentenced to five years’ imprisonment. He was later cleared of the most serious charges on appeal and released a year later.
The case is currently under retrial.
Li has an adult son and a teenage daughter, and his last marriage ended in 2009. All of Samsung’s big decisions need his approval.
On May 7, 2020, after his release from prison, Li Zai Rong announced that he would end the family succession of Samsung. Li zaireng’s move was interpreted by outsiders as a declaration of the end of the blood succession model of the Samsung family. But some skeptics said it was just a PR campaign to boost Samsung’s image.
Now Li Jianxi’s death is bound to lead to the succession of Samsung.