Lee Kun-hee, the former chairman of Samsung Group credited with growing the company into a global leader, has passed away at the age of 78, as reported by Yonhap, a prominent South Korean news source.

Samsung’s development is closely linked to the history of South Korea, a nation sometimes referred to as “The Republic of Samsung.” Lee, the son of Samsung’s founder Lee Byung-chul, assumed leadership in the late 1980s during South Korea’s shift from a military dictatorship to a democratic government, coinciding with the transition of power from Chun Doo-hwan to Roh Tae-woo. Throughout his tenure, Samsung took a leading role in numerous electronics sectors, notably semiconductors, memory chips, displays, and essential components used in modern digital technology.

Lee successfully steered the company through significant economic difficulties during the 1990s, including the 1998 Asian financial crisis – which threatened the economies of South Korea and other Asian nations – and the bursting of the Dot-Com bubble, which impacted global internet-based businesses.

Following these challenges, Lee focused on expanding the company’s consumer product offerings, most notably the Galaxy line of smartphones, which transformed Samsung from a primarily industrial company into a globally recognized consumer brand. Samsung Electronics, a key part of the larger Samsung organization, currently has an estimated value of around $350 billion, positioning it as one of the world’s most valuable corporations.

Despite his business successes and strategic leadership at Samsung, Lee encountered legal issues in recent years. He was convicted of tax evasion in the late 2000s, but later received a presidential pardon from then-President Lee Myung-bak (no familial connection).

Samsung has also faced scrutiny from investment firms like Elliott Management regarding Lee Kun-hee’s efforts to ensure a secure future for the company under the leadership of his son, Lee Jae-yong. Lee Jae-yong assumed de facto control of the conglomerate after his father’s heart attack in 2014. Lee Jae-yong himself has experienced legal challenges, including a bribery conviction that resulted in a five-year prison sentence, which was later suspended.

Following his heart attack, Lee Kun-hee remained hospitalized and his condition was reported as stable by Yonhap. Information regarding his health status has been circulated over the past six years.

Bloomberg reports that Lee Kun-hee’s estate is valued at approximately $20 billion, making him the wealthiest individual in South Korea. He is survived by his wife and their four children.