Samsung president dies at the age of 78

The South Korean Samsung Group announced the death of its chairman, Lee Kun-hee, on Sunday, adding that he passed away among his family, including company vice president Jae Yi Lee.

Lee, 78, helped grow his father Lee Byung-chul's business into the largest conglomerate in South Korea, and his death came more than six years after he was hospitalized as a result of a heart attack.

"President Lee had a true vision and transformed Samsung from a local company into a world leader in innovation and an industrial powerhouse," Samsung said in a statement. "His announcement in 1993 of the" new management "catalyzed the company's vision to provide the best technologies to help advance the global community.