Samsung Electronics Chairman Lee Kun-Hee died at the age of 78 on Sunday.
The man who turned the South Korean company into a global tech giant had been bedridden after suffering a heart attack in 2014.
The company issued a statement informing the same. The statement read, "It is with great sadness that we announce the passing of Kun-hee Lee, Chairman of Samsung Electronics."
"Chairman Lee passed away on October 25 with his family, including Vice Chairman Jay Y. Lee, by his side," it added.
"Chairman Lee was a true visionary who transformed Samsung into the world-leading innovator and industrial powerhouse from a local business," the firm said, adding: "His legacy will be everlasting."
Lee Jae-Yong, his son and Samsung Electronics Chairman has been on the forefront of the company since Lee suffered a heart attack.
Lee was jailed for five years in 2017 after he was found guilty of bribery and other offenses that is said to be linked to former President Park Geun-Hye.
(Inputs from AFP)
