Samsung Electronics Chairperson Lee Kun-hee died on Sunday at the age of 78.

Samsung Electronics said in a statement that Lee died at a hospital in Seoul on Sunday morning with his family by his side, including his son, Samsung Electronics Vice Chairman Lee Jae-yong.

The tech giant said that the funeral will be held in a modest manner according to the wishes of the deceased and his family.

A Samsung official said that the firm respectfully declines flowers and visits by mourners citing the ban of indoor gatherings of 50 people or more due to coronavirus concerns.

The memorial altar for the deceased will be set up at Samsung Medical Center in southern Seoul, where Lee had been hospitalized for years.

Lee's death came six years and five months after he was hospitalized following a heart attack in May 2014.

Born in 1942, Lee helped grow his father Lee Byung-chull's business into South Korea's biggest conglomerate. Lee became the head of Samsung Group in 1987 when his father died.

Lee is survived by his wife, Hong Ra-hee; his only son, Jae-yong; and two daughters, Boo-jin and Seo-hyun.