Among the technology companies present in Spain, Samsung is one of the giants with the greatest presence, both in the market for mobile devices, as well as in televisions, household appliances and practically every area within consumer electronics.
The success of the South Korean giant has been for the last decades led by Lee Kun-hee, who died today, October 25, 2020, after six years hospitalized for heart problems.
Lee Kun-hee, president of Samsung, passes away at 78
Today is a sad day for the family of Lee Kun-hee, who has passed away at the age of 78 after being hospitalized for six years. This has been communicated by Samsung, in a statement in which it indicates that “he died on October 25, accompanied by his family,” also indicating that his funeral will be carried out in a modest way, with only his family attending.
During the tenure of Lee Kun-hee, who took office in 1987, he has been responsible for catapulting the company to the success it has today. In 1993 he changed the pace of the company to a new philosophy, multiplying the company’s value from 8 billion won to the more than 400 billion it is worth today. According to the company, Lee was a visionary who was able to turn Samsung from a local business to an industrial powerhouse and a global leader in innovation.
Samsung is today one of the biggest companies in terms of innovation, with devices like the Galaxy Fold 2.
Is the end of Lee a turnaround within the company? Although to this day he held the position of president, the truth is that the top leader of the South Korean company has been hospitalized for six years after a heart attack. In these six years that he has been completely removed from public life it was rumored on multiple occasions that the leader was no longer with us for a long time.
The reason? South Korean tax regulations estimate a tax of 50% on the value of inherited shares, with a 20% premium on the value of those shares, which corresponds to an approximate tax of 10.6 trillion won (about 7,817 million euros) according to a Reuters estimate.
To this day, the leader of Samsung owned 4.18% of the shares of Samsung Electronics and 20.76% of Samsung Life. As for the succession of the company, it is expected that his son Lee Jae-yong, current vice president of Samsung, will end up being the new president of Samsung, being the one who has been in charge of the company since his father was hospitalized.
However, the future manager of the company faces two lawsuits for alleged corrupt practices, which could pose a risk to the company. The future of the company is something that we will know in a matter of days.
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