CURRENT AFFAIRS

Detailed explanation-1: -Lee Kun-hee (Korean: ; Hanja: , Korean: [iːɡʌnɣi]; 9 January 1942 – 25 October 2020) was a South Korean business magnate who served as the chairman of Samsung Group from 1987 to 2008, and again from 2010 until his death in 2020.

Detailed explanation-2: -SEOUL-Samsung Chairman Lee Kun-hee, who transformed a second-tier electronics parts maker into the world’s biggest manufacturer of smartphones and televisions, died Sunday after lying incapacitated in a hospital for more than half a decade. He was 78 years old.

Detailed explanation-3: -Samsung Electronics’s de facto leader Jay Y Lee has been named executive chairman, a symbolic move confirming that South Korea’s most valuable company will be officially run by the third generation of its founding family.

Detailed explanation-4: -In 1968 Lee joined Samsung, which was involved in electronics, machinery, chemicals, and financial services. He served as the quiet understudy of his father, who exercised absolute control over the conglomerate and decided against making two older sons his successors.

Detailed explanation-5: -Board cites pressing need for accountability and business stability. The Board of Directors of Samsung Electronics today approved the appointment of Jay Y. Lee as Executive Chairman of the company.