Lee Byung-chul explained

Lee Byung-chul
Birth Date:12 February 1910
Birth Place:Uiryeong County, South Gyeongsang Province, Korean Empire
Death Place:Seoul, South Korea
Occupation:Businessman
Years Active:1938–1987
Spouse:[1]
Children:10, including
Module:
Child:yes
Hangul:이병철
Hanja:李秉喆
Rr:I Byeong-cheol
Mr:Yi Pyŏngch'ŏl
Hangulho:호암
Rrho:Ho-Am
Mrho:Ho Am

Lee Byung-chul (; 12 February 1910 – 19 November 1987[2]) was a South Korean businessman who founded the Samsung Group, the country's largest chaebol (conglomerate). Lee founded Samsung in 1938, at the age of 28.[3] He is recognized as the most successful businessman in South Korea's history.

Early life and education

Lee was born on 12 February 1910 in Uiryeong County, South Gyeongsang Province, Korean Empire. He was born the youngest son of four siblings to father Lee Chan-woo and mother Kwon Jae-lim.[4] He was the son of a wealthy land-owning yangban family, a branch of the Gyeongju Lee clan.[5]

He attended high school at Joongdong High School in Seoul, and in 1929, he enrolled in the Department of Political Economy at Waseda University in Tokyo but didn't finish his studies and decided to dropped out in 1931.[6]

In 1982, Lee was awarded an honorary doctorate from Boston College.[7]

Career

Samsung

Lee established a trucking business and real estate business in Daegu on 1 March 1938,[8] which he named Samsung Trading Co, the forerunner to Samsung. Samsung means which explains the initial corporate logos.

By 1945, Samsung was transporting goods throughout Korea and to other countries. The company was based in Seoul by 1947.[9]

Korean War

Samsung was one of the ten largest "trading companies" when the Korean War started in 1950.[10]

With the conquest of Seoul by the North Korean army, Lee was forced to relocate his business to Busan. The massive influx of U.S. troops and equipment into Busan over the next year and a half of the war proved to be highly beneficial to Lee's trading company.

Federation of Korean Industries

In 1961, when Park Chung Hee seized power in the May 16 coup, Lee was in Japan and for some time he did not return to South Korea. Eventually, a deal was struck and Lee returned but Samsung had to give up control over the banks it acquired and follow economic directives from Park's government.

The first step of the Federation of Korean Industries was established in August 1961. The association was founded by Samsung Group chairman Lee Byung-chul.

Later in life, Lee served as chairman of the Federation of Korean Industries and was known as the richest man in Korea.[11]

Cultural and art

In 1965, he established the Samsung Culture Foundation[12] to promote a broad range of programs to enrich Korean cultural life.[13]

Samsung Electronics

In 1969, Samsung Electronics Manufacturing (renamed Samsung Electronics) and later merged with Samsung-Sanyo Electric.[14] Samsung Electronics Manufacturing had 45 employees and about sales in 1970 and it made household electronics exclusively.

Personal life

Death

After his death, Ho-Am Art Museum was opened to the public for tours. His collection of Korean art is considered one of the largest private collections in the country, featuring a number of art objects that have been designated "National Treasures" by the Korean government.[15] Ho-Am is located a short distance from the Everland park, one of South Korea's popular amusement parks (Everland is also owned by the Samsung Group).

Family tree

Lee's family tree[16]

Lee's children with

  1. 1st daughter:, The founder of Hansol and spouse of its former chairman, Dr. Cho Wan-hae, M.D
  2. 1st son:, Founder of CJ Group (in which he lost the lawsuitalongside Lee Kun-hee), father of current CJ Group chairman Lee Jay-hyun[17]
  3. 2nd son:, Founder of Saehan[18]
  4. 2nd daughter: Lee Suk-hee, spouse of LG board director Koo Cha-hak, younger brother of the emeritus chairman, Koo Cha-kyung and paternal uncle of the former deceased chairman, Koo Bon-moo
  5. 3rd daughter: Lee Soon-hee
  6. 4th daughter: Lee Deok-hee, widow of Lee Jeong-gi
  7. 3rd son: Lee Kun-hee, 2nd chairman of Samsung, father of 3rd and present Samsung chairman Lee Jae-yong and Hotel Shilla president Lee Boo-jin
  8. 5th daughter: Lee Myung-hee, spouse of Chung Jae-eun, chairwoman of Shinsegae group and mother of Chung Yong-jin.

Lee's children with Kuroda

  1. 4th son: Lee Tae-whi
  2. 6th daughter: Lee Hye-ja

Notes and References

  1. Web site: Lee Byung-chul. February 28, 2024. The Chosun Ilbo. June 15, 2024.
  2. News: Lee . Kun-hee . Business Philosophy of Lee Byung-chull . . 10 February 2010 . live . https://archive.today/20210706023351/http://m.koreatimes.co.kr/pages/article.asp?newsIdx=60674 . 6 July 2021.
  3. News: Lankov . Andrei . Lee Byung-chull: founder of Samsung Group . 11 April 2019 . . 12 October 2011. It is still run by the numerous descendants of Lee Byung-chull and the centenary of his birth in 2010 being celebrated with much pomp..
  4. Web site: 27 March 2016 . [Dynasty Korea's corporate roots] Samsung founder Hoam risked it all to succeed ]. 2021-06-30 . . en.
  5. Web site: 1982-09-25 . 이병철씨도 「경이」 . Lee Byung-chul is also from 「Gyeongju Lee」 . 2023-03-24 . . ko.
  6. Web site: 2017-12-27 . [정경연의 풍수기행] 의령 삼성 이병철 회장 생가, 완벽한 '부자의 터' ]. 2024-08-02 . 중부일보 - 경기·인천의 든든한 친구 . ko.
  7. Web site: 2010-02-08 . Hail the Father of Business, Lee Byung-chul . 2021-06-30 . . ko.
  8. Web site: Jung-hyun . Bang . 11 February 2010 . Hail the Father of Business, Lee Byung-chul . live . https://web.archive.org/web/20160515094230/http://www.koreaittimes.com/story/7223/hail-father-business-lee-byung-chul . 15 May 2016 . 5 May 2016 . The Korea IT Times.
  9. Book: Cain, Geoffrey . Samsung Rising: The Inside Story of the South Korean Giant That Set Out to Beat Apple and Conquer Tech Paperback . March 17, 2020 . 978-0593236703 . New York . Currency (Crown Publishing Group). OL20839400W.
  10. Watkins, Thaer, "The Chaebol of South Korea", Website, downloaded 22 July 2011, http://www.sjsu.edu/faculty/watkins/chaebol.htm#SAMSUNG
  11. "Samsung's development in chronological order"
  12. Web site: SAMSUNG FOUNDATION OF CULTURE SAMSUNG FOUNDATION . 2021-06-30 . www.samsungfoundation.org.
  13. Web site: Ho-Am Byung-chull Lee - HOAM . 2021-06-30 . www.hoamfoundation.org.
  14. Book: Lee, Dongyoup . Samsung Electronics: The Global Inc . 2006 . LEE Dongyoup . 978-89-89664-03-1 . en.
  15. http://hoam.samsungfoundation.org/eng/info/main.html Ho Am Art Museum, "Official Web Site"
  16. Web site: Meet Samsung's billionaire Lee family, South Korea's most powerful dynasty . live . https://web.archive.org/web/20170708110445/http://www.businessinsider.com/lee-family-power-war-for-samsung-scandals-and-bribes-2015-6#anwhile-he-had-started-to-groom-his-own-children-for-business-management-especially-his-only-son-lee-jae-yong-lee17 . 8 July 2017 . 15 July 2017 . Business Insider . en.
  17. Web site: 6 February 2014 . Samsung boss Lee Kun-hee wins inheritance case appeal . live . https://web.archive.org/web/20140208164621/http://www.bbc.co.uk/news/world-asia-pacific-26066975 . 8 February 2014 . BBC News . en.
  18. News: 18 August 2015 . [SUPER RICH] Lee Maeng-hee's death brings Samsung family together ]. live . https://web.archive.org/web/20170714163735/http://www.koreaherald.com/view.php?ud=20150818001029 . 14 July 2017 . 15 July 2017 . en.

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