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Samsung Electronics to hold low-key founding anniversary after chief's death

(Samsung Electronics Co.)
(Samsung Electronics Co.)
Samsung Electronics Co., the world's largest memory chip and smartphone maker, is expected to celebrate the 51st anniversary of its foundation in a low-key manner following the death of its longtime chief Lee Kun-hee, industry insiders said Thursday.

Lee, one of the most influential businessmen in the country's post-war era, died Sunday at age 78, more than six years after being hospitalized for a heart attack.

The South Korean tech giant has been celebrating its foundation on Nov. 1, but with the passing of its Chairman Lee, Samsung reportedly decided to push back its anniversary event to Monday.

The business mogul was laid to rest Wednesday in a private funeral.

Samsung's foundation anniversary event has usually been attended by hundreds of employees, with its CEOs announcing new visions and business goals. But this year, the upcoming event will not be in a festive mood, they said.

Last year, Samsung Electronics Vice Chairman Lee Jae-yong, the eldest child and only son of the late chief, offered a video message at the event, saying, "We need to make a 'centenary company' for our future generations."

Jae-yong has been the de facto leader of Samsung since 2014, after his father collapsed from a heart attack. (Yonhap)