Seoul [South Korea]: Chairman of Samsung Electronics Co. Lee Kun-hee has died at the age of 78, the company announced in a statement.

“Chairman Lee passed away on October 25 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 in a statement, as quoted by the South Korean Yonhap news agency on Sunday.

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.

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.