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Lee Byung-chul

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 widely recognized as one of the most successful business magnates in South Korean history.

Early life and education

Lee was born on 12 February 1910 in Uiryeong County, South Gyeongsang Province, then part of the 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 graduated in 1929.

In 1930, he enrolled in the Department of Political Economy at Waseda University in Tokyo but didn't finish his studies and decided to drop out in 1934.[6][1] He entered the Department of Political Economy at Waseda University’s Affiliated College in April 1930. However, his health deteriorated during his studies in Japan, and between 1930 and 1934 he withdrew without completing the program or earning a degree, returning to Korea.[7][8]

In 1970, his alma mater Waseda University nevertheless recognized his achievements and conferred on him an honorary doctorate. He was also an active member of the Waseda Korean Alumni Association,[9] where he took great care of younger compatriots such as Lotte founder Shin Kyuk-ho and POSCO chairman Park Tae-joon.[10][11]

In 1982, Lee was awarded an honorary doctorate from Boston College.[12]

Career

Samsung

Lee established a trucking business and real estate business in Daegu on 1 March 1938,[13] 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.[14]

Korean War

Samsung was one of the ten largest "trading companies" when the Korean War started in 1950.[15]

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.[15]

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.[15]

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.[16]

Cultural and art

In 1965, he established the Samsung Culture Foundation[17] to promote a broad range of programs to enrich Korean cultural life.[18]

Samsung Electronics

In 1969, Samsung Electronics Manufacturing (renamed Samsung Electronics) and later merged with Samsung-Sanyo Electric.[19] Samsung Electronics Manufacturing had 45 employees and about US$250000 sales in 1970 and it made household electronics exclusively.[19]

Personal life

Death

Lee died in 1987 in Seoul. 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.[20] 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

Source:[21]

Lee's children with Park Du-eul

Lee's children with Kuroda

  • 1) 1st daughter: Lee In-hee, The founder of Hansol and spouse of its former chairman, Dr. Cho Wan-hae, M.D
  • 2) 1st son: Lee Maeng-hee, Founder of CJ Group (in which he lost the lawsuit alongside Lee Kun-hee), father of current CJ Group chairman Lee Jay-hyun[22]
  • 3) 2nd son: Lee Chang-hee, Founder of Saehan[23]
  • 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.[23]
  • 1) 4th son: Lee Tae-whi
  • 2) 6th daughter: Lee Hye-ja

See also

  • Samsung family

References

  1. Lee Byung-chul The Chosun Ilbo, February 28, 2024, retrieved June 15, 2024^
  2. Kun-hee Lee. Business Philosophy of Lee Byung-chull The Korea Times, 10 February 2010^
  3. Andrei Lankov. Lee Byung-chull: founder of Samsung Group The Korea Times, 12 October 2011, retrieved 11 April 2019^
  4. [Dynasty Korea's corporate roots] Samsung founder Hoam risked it all to succeed Korea JoongAng Daily, 27 March 2016, retrieved 2021-06-30^
  5. https://www.joongang.co.kr/article/1655524 JoongAng Ilbo, 1982-09-25, retrieved 2023-03-24^
  6. https://www.joongboo.com/news/articleView.html?idxno=1217907 중부일보 - 경기·인천의 든든한 친구, 2017-12-27, retrieved 2024-08-02^
  7. 경남신문. [주말ON] 부자 氣받기- 삼성·LG·효성 창업주 이야기 ④ 이병철의 서울 유학, 일본 유학 그리고 경남신문, 2021-07-23, retrieved 2025-08-06^
  8. 부산역사문화대전 busan.grandculture.net, retrieved 2025-08-06^
  9. [Waseda Alumni] korea www.wasedaalumni.jp, retrieved 2025-08-06^
  10. 日와세다大, 신격호ㆍ이동찬ㆍ조석래씨 등 재계인맥 화려 매일경제, 2006-05-31, retrieved 2025-08-06^
  11. 박태준 10주기…1960년대 공장보다 사원주택 먼저 지으며 인재 확보 매일경제, 2021-11-14, retrieved 2025-08-06^
  12. Hail the Father of Business, Lee Byung-chul The Korea IT Times, 2010-02-08, retrieved 2021-06-30^
  13. Bang Jung-hyun. Hail the Father of Business, Lee Byung-chul The Korea IT Times, 11 February 2010, retrieved 5 May 2016^
  14. Geoffrey Cain. Samsung Rising: The Inside Story of the South Korean Giant That Set Out to Beat Apple and Conquer Tech Paperback Currency (Crown Publishing Group), March 17, 2020^
  15. Watkins, Thaer, "The Chaebol of South Korea", Website, downloaded 22 July 2011,^
  16. "Samsung's development in chronological order"^
  17. SAMSUNG FOUNDATION OF CULTURE www.samsungfoundation.org, retrieved 2021-06-30^
  18. Ho-Am Byung-chull Lee - HOAM www.hoamfoundation.org, retrieved 2021-06-30^
  19. Dongyoup Lee. Samsung Electronics: The Global Inc LEE Dongyoup, 2006^
  20. Ho Am Art Museum, "Official Web Site"^
  21. Meet Samsung's billionaire Lee family, South Korea's most powerful dynasty Business Insider, retrieved 15 July 2017^
  22. Samsung boss Lee Kun-hee wins inheritance case appeal BBC News, 6 February 2014^
  23. [SUPER RICH] Lee Maeng-hee's death brings Samsung family together 18 August 2015, retrieved 15 July 2017^