Chairman of Samsung Electronics Co. Lee Kun-hee has died at the age of 78, the company announced in a statement. It was him under whose leadership Samsung became the largest producer of Smartphones and memory chips in the entire world.

Samsung said in a statement, as quoted by the South Korean Yonhap news agency on Sunday that Chairman Lee passed away on October 25 with his family, including Vice Chairman Jay Y. Lee, by his side. It said that Chairman Lee was a true visionary who transformed Samsung into the world-leading innovator and industrial powerhouse from a local business.

According to Yonhap, Lee Kun-hee died at a hospital in Seoul on Sunday after being hospitalized for years following a heart attack in 2014. Lee is survived by his wife, Hong Ra-hee, two daughters and only son, Jae-Yong, who has been at the helm of Samsung Electronics since his father’s 2014 heart attack.

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The company is crucial to the economic well-being of South Korea, as its overall turnover is equivalent to a fifth of the country’s GDP.

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