Samsung Electronics Co. Chairman Lee Kun-hee Photo: IC

Lee Kun-hee, chairman of South Korea's technological giant Samsung Electronics, died at the age of 78 in Seoul on Sunday, according to a statement released by the company.

Lee transformed Samsung into a world-leading innovator and industrial powerhouse from a local business, the statement said.

"Our deepest sympathies are with his family, relatives and those nearest. His legacy will be everlasting," it added.

Lee, the son of Samsung Group's founder Lee Byung-chul, was born in Uiryeong County in South Gyeongsang Province of South Korea on Jan. 9, 1942. In 2014, Lee suffered a heart attack and had since remained hospitalized.