As Chinese immigrants, Mr Lee and his father, Bing Lee opened the first Bing Lee store in 1957.
It is now one of Australia's largest electrical goods stores.
Mr Lee's eldest son, Lionel Lee will take over as chief executive of the company.
"Lionel has been groomed for the role over many years and it is business as usual," a company spokesperson said.
"As Ken would not have wanted it any other way".
"While Ken will be sadly missed, the company has a strong and stable management structure with positive growth forecasts for 2008 and beyond."
Mr Lee was worth an estimated $225 million, according to BRW's 2007 Rich List.
He is survived by his wife Yenda, and sons Lionel and Greg.
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source: news.com
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