Lee Kun-Hee, Samsung’s Electronics chairman is dead.

Lee died at the age of 78 on Sunday.

The company announced his demise in a statement.

It said Lee passed away with his family, including Vice Chairman, Jay Y. Lee, by his side.

“Chairman Lee was a true visionary who transformed Samsung into the world-leading innovator and industrial powerhouse from a local business,” Samsung said.

The firm’s turnover is equivalent to a fifth of the gross domestic product of South Korea, the world’s 12th largest economy.

Lee would be remembered for turning the brand into a global giant.

The deceased’s son, Samsung Electronics vice chairman, Lee Jae-Yong, has been running the company since his 2014 heart attack.

He was cleared of the most serious charges on appeal and released in 2018. A retrial is ongoing.