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Lee Byung-chul
Born(1910-02-12)12 February 1910
Uiryeong County, South Gyeongsang Province, Korean Empire
Died19 November 1987(1987-11-19) (aged 77)
Seoul, South Korea
Alma materWaseda University, Tokyo
OccupationBusiness magnate
Known forFounder of Samsung and CJ Group
Spouses
  • Park Du-eul
  • Kuroda
ChildrenIncluding Kun-hee and Myung-hee
Korean name
Hangul
이병철
Hanja
李秉喆
Revised RomanizationI Byeong-cheol
McCune–ReischauerYi Pyŏngch'ŏl

Lee Byung-chul (Korean: 이병철; 12 February 1910 – 19 November 1987) was a South Korean business magnate.[1][2] He was the founder of the Samsung Group, South Korea's largest chaebol,[3] and considered one of South Korea's most successful businessmen.

Early life and education

Lee Byung-chul 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 then college at Waseda University in Tokyo but did not complete his degree.[6]

Career

Beginning

Byung-chul established a trucking business in Busan on 1 March 1938, which he named Samsung Trading Co, the forerunner to Samsung.[6] Samsung means "Three Stars" 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. It was one of the ten largest "trading companies" when the Korean War started in 1950.[7] 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.[7]

Lee Byung-chul (left) and his son Lee Kun-hee (right) in 1950

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.[7]

Federation of Korean Industries

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, Byung-chul served as chairman of the Federation of Korean Industries and was known as the richest man in Korea.[8][not specific enough to verify]

Other ventures

In 1965, he established the Samsung Culture Foundation[9] to promote a broad range of programs to enrich Korean cultural life.[10]

In 1969, Samsung Electronics Manufacturing (renamed Samsung Electronics) and later merged with Samsung-Sanyo Electric.[11] Samsung Electronics Manufacturing had 45 employees and about $250,000 sales in 1970 and it made household electronics exclusively.[11]

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

Korean art collection

After his death, Byung-chul's estate (Ho-Am) 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.[13][promotional source?] 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).[citation needed]

Family tree

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The family of Lee Byung-chul[14]

See also

Wikimedia Commons has media related to Lee Byung-chul.

References

  1. ^ Lee, Kun-hee (10 February 2010). "Business Philosophy of Lee Byung-chull". The Korea Times. Archived from the original on 6 July 2021.
  2. ^ Lankov, Andrei (12 October 2011). "Lee Byung-chull: founder of Samsung Group". The Korea Times. Retrieved 11 April 2019. 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.
  3. ^ Jung-hyun, Bang (11 February 2010). "Hail the Father of Business, Lee Byung-chul". The Korea IT Times. Archived from the original on 15 May 2016. Retrieved 5 May 2016.
  4. ^ "[Dynasty Korea's corporate roots] Samsung founder Hoam risked it all to succeed". Korea JoongAng Daily. 27 March 2016. Retrieved 30 June 2021.
  5. ^ "이병철씨도 「경이」" [Lee Byung-chul is also from 「Gyeongju Lee」]. JoongAng Ilbo (in Korean). 25 September 1982. Retrieved 24 March 2023.
  6. ^ a b Woo, Jaeyeon (22 July 2011). "Memorializing the Company Founder, With Ads, 3-D and Holograms". WSJ. Archived from the original on 4 March 2016.(subscription required)
  7. ^ a b c Watkins, Thaer, "The Chaebol of South Korea", Website, downloaded 22 July 2011, [1] Archived 27 August 2011 at the Wayback Machine
  8. ^ "Samsung's development in chronological order"
  9. ^ "SAMSUNG FOUNDATION OF CULTURE | SAMSUNG FOUNDATION". www.samsungfoundation.org. Retrieved 30 June 2021.
  10. ^ "Ho-Am Byung-chull Lee - HOAM". www.hoamfoundation.org. Retrieved 30 June 2021.
  11. ^ a b Lee, Dongyoup (2006). Samsung Electronics: The Global Inc. LEE Dongyoup. ISBN 978-89-89664-03-1.
  12. ^ "Hail the Father of Business, Lee Byung-chul". The Korea IT Times (in Korean). 8 February 2010. Retrieved 30 June 2021.
  13. ^ Ho Am Art Museum, "Official Web Site" Archived 21 August 2011 at the Wayback Machine
  14. ^ "Meet Samsung's billionaire Lee family, South Korea's most powerful dynasty". Business Insider. Archived from the original on 8 July 2017. Retrieved 15 July 2017.
  15. ^ "Samsung boss Lee Kun-hee wins inheritance case appeal". BBC News. 6 February 2014. Archived from the original on 8 February 2014.
  16. ^ a b "[SUPER RICH] Lee Maeng-hee's death brings Samsung family together". 18 August 2015. Archived from the original on 14 July 2017. Retrieved 15 July 2017.
Business positions Preceded byNone Chairman of the Board of the Samsung Group March 1938 – December 1987 Succeeded byLee Kun-hee
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