Samsung president Lee Kun-Hee dies age 78: he was the richest man in South Korea and turned the group into a multinational ICO - The Samsung Group has announced this Sunday the death of its president, Lee Kun-hee, at the age of 78.
He was the richest man in the country and had been admitted to a Seoul hospital since 2014 because of a heart attack that left him disabled.
According to RTVE, Samsung has said in a statement that Lee "passed away on October 25 accompanied by his family, including Group Vice President Jay Y. Lee", known as Lee Jae-yong and that, as heir to the empire that his father ran, he has been at the head of the conglomerate since his parent was bedridden more than 6 years ago.
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Lee Kun-hee, the third son of Samsung founder Lee Byung-chul, was the largest fortune in South Korea with a net worth calculated at more than 20.000 million dollars (around 16.860 million euros), according to Forbes.
In addition, he was the man who turned the conglomerate, which today is the largest business group in South Korea, into a multinational ICO with tech giant Samsung Electronics at the helm.
He was born in 1942 in Uiryeong County, South Gyeongsang Province —in the southeast of the country— and assumed the chairmanship of the group in 1987, after the death of his father.
Samsung president Lee Kun-Hee dies age 78
Currently, his son, who will officially take office, faces 2 trials for alleged corrupt practices, including his participation in the so-called South Korean "Rasputin" plot, a scandal that led to the departure from power in 2017 of the then president of the Country, Park Geun-hye sentenced to 32 years in prison.
And is that, according to The Spanish, the Prosecutor's office believes that Samsung made donations to multi-million dollar, specifically 17.5 million euros, to a foundation of Choi Soon-sil —a kind of advisor, very influential Park— to change to achieve that the National Pension Service, controlled by the Government, and shareholder of a group company, approved the merger of this and another wholly owned subsidiary of Samsung.
Read more: Samsung introduces a new line of home products: TVs, fridges and other devices to make life at home even more comfortable
Starting in 1993, Lee decided to change the course of the business with the aim of internationalizing it and made Samsung Electronics the largest producer of memory chips in the world. Thus, it became one of the most recognized consumer electronics brands.
In fact, according to RTVE, Samsung Electronics alone generates about 20% of South Korea's gross domestic product (GDP).
Immediately after suffering the heart attack in May 2014, he was urgently admitted to the Samsung Medical Center in South Seoul, where he remained until his death amid continuous conjecture about his state of Health.
His son Lee Jae-yong is expected to officially take over as chairman of the group and Samsung Electronics.
Samsung president Lee Kun-hee dies age 78
This is how the big tech companies see the future of offices: from help to set up an office at home to permanent teleworking
The future of Silicon Valley may be something very different from the idea we had in mind before the pandemic.
Since the coronavirus spread across the U.S. last March, many of the tech companies based in the San Francisco Bay Area have closed their buildings and asked employees to work from home, in some cases, forever.
The idea is that these offices will reopen in the future, although it is unlikely that the working environment will be similar to that before this health crisis.
For some companies, this may mean they have to rethink the safety of their physical spaces to prevent the spread of disease. For others, it may involve changing their real estate plans altogether, opting for a new type of office, or none at all. In some cases, they even rethink the address of their employees.
This is how the largest technology companies are planning the future of work.
While Twitter employees were told earlier this year that they had the option to work from home on a permanent basis, the idea of a decentralized workforce has been CEO Jack Dorsey's dream for a few years.
As a result, Twitter may have a clearer picture than most about its future plans. The company already had a goal of locating pay based on where employees choose to live and has begun subletting office space in San Francisco: 9,290 square meters, to be exact.
Even before the pandemic hit the Bay Area, some Twitter managers had begun experimenting working from home and testing virtual meetings, according to a recent Washington Post article.
Google confirmed in July that its employees would not be required to return to the office until next summer, in part to help workers with school-age children who may not be able to return to school in person.
The company has made other changes to help working parents, most notably by adding an additional 8 weeks to their childcare leave: they now have a total of 14 weeks, which can be divided by hours.
In addition, it offered its employees subsidies of 1,000 dollars (about 850 euros) to help them adapt their home to teleworking.
CEO Sundar Pichai has explained that the company plans to add more head offices, which will give employees more choice where they live, according to leaked audio obtained by Hugh Langley.
Facebook has said employees can continue working remotely until June 2021, but many may choose to do so permanently; however, they are likely to agree to a pay cut starting in January if they choose to move to a region less expensive than the Bay Area, according to The New York Times.
Facebook CEO Mark Zuckerberg said in May that he expects 50% of the company's workforce to telework definitely in the next decade.
Since employees won't be returning to Facebook's Menlo Park headquarters in the coming months, the company has changed some of its employee perks on campus to accommodate working from home. The company explained in August that it was giving employees an additional stipend of 850 euros to set up a Home Office, plus another bonus of the same amount for working from home that they received in March.
Facebook is also making plans to help working parents, including offering 10 weeks of paid leave for employees who unexpectedly need to care for a child or relative.
In addition, it plans to give all employees high marks in their performance evaluations in 2020, which means an increase in their payroll, according to the Los Angeles Times.
Amazon announced in July that it would allow employees to continue working remotely until January 8, 2021, as long as their work can be done effectively from home.
However, for those employees who choose to go to the office, Amazon has implemented safety procedures such as physical distancing, increased cleaning and temperature controls, and provides face masks and hand sanitizer, a spokesperson explained to Business Insider in July.
In response to the pandemic, Amazon has also implemented new employee benefits. The company has begun offering tutoring discounts, as well as financially supporting childcare by giving up to 10 days a month for full and part-time employees of Amazon and Whole Foods; it will cover more than 90% of the cost.
However, while many technology companies seem to be reconsidering the future of physical offices, Amazon has continued with its expansion plans, though not at its Seattle headquarters. The company recently announced an investment of almost 1,200 million euros to expand its physical offices in 6 cities in the United States and hire 3,500 new employees.
Earlier this year, Salesforce wrote a 21-page manual, available to anyone who wants it, on how to safely reopen office spaces.
Although it is true that Salesforce is reopening some offices in places such as Canada, Europe and Asia, all its employees can continue to work from home until August 2021.
It has also created new benefits for those who are parents during the pandemic.
Slack announced in June that it would allow its employees the option to work remotely forever, and said it plans to hire more workers.
He also pushed forward the reopening date of his office, stating that he will introduce many changes in the future: "fewer amenities such as lunches and cafes, less focus on in-person meetings with colleagues and more options for individual work."
Although some Apple employees have been going to the company's offices for months, others have worked remotely, and Apple CEO Tim Cook recently claimed that it has been a successful experiment for the company.
"There are some things that actually work very well virtually," Cook commented in an interview at the Atlantic Festival last month, but that working from home is not exactly the same.
In an interview with Bloomberg in July, Cook explained that Apple employees can continue to work from home until early 2021. "To go further, it would depend on the success of a vaccine and other factors," he added.
In what Microsoft calls a" hybrid workplace, " employees will now only have to show up at the office during the middle of the workweek, according to an internal memo obtained by The Verge this month. If approved by a manager, some employees will be allowed to work from home permanently and relocate, but if they do, they will have to leave their jobs at the Microsoft Office.
However, some employees will not have the option of remote work, reports The Verge.
In a new interview with The Wall Street Journal last month, Hastings said he saw no advantage in teleworking.
"No. I don't see anything positive," he told The Journal. "Not being able to meet in person, particularly at the international level, which is totally negative. I have been very impressed by the sacrifices people have made, " he added.
However, Hastings also stated that employees will not return to the office until there is a vaccine, probably 6 months after it is widely available or once most are vaccinated.
In the future, the CEO expects the business world to change to a 4-day work week in which employees show up at the office 4 times a week and telework on the fifth day.
For Stripe employees based in major cities, the company has begun offering a new deal: moving from New York, Seattle or the Bay Area and agreeing to a pay cut, but also receiving a bonus of 17, 000 euros, according to a Bloomberg article last month.
Stripe employees can see a cut of up to 10% on their base salary for moving. The offer will be available to anyone who decides to change their address before the end of 2020, as published by Bloomberg.
VMware told its employees earlier this year that they can work from home permanently.
However, it has decided to reduce the salaries of those who have moved to less expensive cities, according to Bloomberg. An employee who leaves the Bay Area and moves to Denver, for example, will see an 18% reduction in his salary.
Atlassian said in August that employees can work from anywhere. The Australian company, which has 12 offices around the world, explained to Business Insider that its workers will have the option of working completely from home, in the office or a combination of both.