Samsung Group Chairman Dies at 78

Lee Kun-hee South Korea's largest conglomerate Samsung Group chairman died today, at 78. According to Forbes, he was the richest person in South Korea, with a net worth of nearly $21bn.

Mr. Kun-hee, whose father founded Samsung, became chairman in 1987. He sought to boost Samsung’s brand through the Olympics, with the company becoming a top-tier sponsor. He serving as an International Olympic Committee member.

Also, he helped to grow his father's small trading business into an economic powerhouse, persifying into areas such as; insurance and shipping.

The firm helped make the nation’s economy, Asia’s fourth-largest. Its businesses encompass shipbuilding, life insurance, construction, hotels, amusement park operation, and more. Samsung Electronics alone accounts for 20% of the market capital on South Korea’s main stock market.

Later, Samsung announced, that its brand ranked 5th most-valuable global brand this year. The brand is valued at $62.3 billion, according to Interbrand’s latest top 100 best global brands list. Also, the firm is the 1st South Korean to achieve the feat, after initial evaluation of its brand value began in 2000.

The firm reported that its quick response to the COVID-19 pandemic with global activities for corporate social responsibility, companywide programs for sustainable development, continuous launching of innovative products, and consistent investment into advanced technologies led to the growth of its brand value.

Moreover, Samsung’s Mobile Communications business boosted its leadership in the 5G smartphone market and resonated with Generation Z with the Galaxy A series, and marketing activities such as; the “Awesome” campaign.