The memorial service for the late Lee Kun-hee, former chairman of Samsung Electronics, marking the sixth anniversary of his passing, was held Friday.
According to industry sources, the memorial service was held at the family cemetery in Imok-dong, Suwon, Gyeonggi Province, on the same day.
Lee Jae-yong, chairman of Samsung Electronics, returned from a business trip to the United Arab Emirates (UAE) and visited the cemetery alone to mourn his late father. Approximately 50 executives from major Samsung affiliates also paid respects at the cemetery.
Although the actual date of death falls on Oct. 25, the ceremony was moved up by two days to account for it being a Sunday. It is reported that Lee joined the executive team for lunch at the Samsung Human Resources Development Center in Yongin following the memorial service.
The late Chairman Lee entered the business sector in 1974 by contributing personal assets to Hyundai Semiconductor. Following Lee Byung-chul, the founding chairman, Tokyo Declaration in 1983, he succeeded in developing 64K DRAM, and in 1992, developed the world’s first 64M (mega) DRAM. In 1993, he elevated Samsung’s memory semiconductor business to the top of the global market.
His decisive execution of large-scale preemptive investments in 6-inch and 8-inch wafers and new production lines, even during the recessions of the 1980s and 1990s, is evaluated as the foundation for his overwhelming competitive advantage. As of the second quarter this year, Samsung Electronics maintains its position as the world leader with a 39.4% share of the global DRAM market and a 29.3% share of the NAND market.
The late chairman predicted more than 30 years ago an era in which advanced technologies such as computers, software, and robots would replace human labor. This vision is now being realized through generative artificial intelligence, AI data centers, and humanoid robots, leading to an expansion in demand for high-performance memory and storage devices.
His management innovation centered on talent and quality also became a milestone for the industry. He emphasized securing top talent regardless of nationality or background, introducing the regional expert system in 1990. In 1993, through his Frankfurt New Management Declaration, he shifted the paradigm from quantitative to qualitative growth.
He established world-class quality standards by implementing measures such as the 7-4 work schedule (seven days on, four days off), the line-stop system which halts production lines when defects occur, and the burning ceremony for defective products at the Gumi plant in 1995.
The cultural heritage and artworks collected by Lee have borne fruit as national cultural assets and a boost to the country’s brand image. The “KH Collection,” comprising over 23,000 pieces donated by his family to institutions such as the National Museum of Korea and the National Museum of Modern and Contemporary Art in April 2021, has surpassed 3.5 million cumulative visitors at domestic touring exhibitions.
Following this, an overseas touring exhibition began last November at the Smithsonian National Museum of Asian Art and the Art Institute of Chicago, and is currently being held at the British Museum, showcasing the excellence of Korean culture to the world.
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