Lee Byung-chul

Template:Short description Template:For Template:Family name hatnote Template:Expand Korean Template:Use dmy dates Template:Infobox person Lee Byung-chul (Template:Korean; 12 February 1910 – 19 November 1987<ref>Template:Cite news</ref>) 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.<ref>Template:Cite news</ref> 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.<ref>Template:Cite web</ref> He was the son of a wealthy land-owning yangban family, a branch of the Gyeongju Lee clan.<ref>Template:Cite web</ref>

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.<ref>Template:Cite web</ref><ref name="chosun" /> 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.<ref>Template:Cite web</ref><ref>Template:Cite web</ref>

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,<ref>Template:Cite web</ref> where he took great care of younger compatriots such as Lotte founder Shin Kyuk-ho and POSCO chairman Park Tae-joon.<ref>Template:Cite web</ref><ref>Template:Cite web</ref>

In 1982, Lee was awarded an honorary doctorate from Boston College.<ref>Template:Cite web</ref>

Career

Samsung

Lee established a trucking business and real estate business in Daegu on 1 March 1938,<ref>Template:Cite web</ref> which he named Samsung Trading Co, the forerunner to Samsung. Samsung means (Template:Korean) 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.<ref name=cain>Template:Cite book</ref>

Korean War

Samsung was one of the ten largest "trading companies" when the Korean War started in 1950.<ref name="watkins">Watkins, Thaer, "The Chaebol of South Korea", Website, downloaded 22 July 2011, [1] Template:Webarchive</ref>

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.<ref name="watkins" />

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

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.<ref name="watkins" />

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.<ref name="KTimes2">"Samsung's development in chronological order"</ref>Template:Nonspecific

Cultural and art

In 1965, he established the Samsung Culture Foundation<ref>Template:Cite web</ref> to promote a broad range of programs to enrich Korean cultural life.<ref>Template:Cite web</ref>

Samsung Electronics

In 1969, Samsung Electronics Manufacturing (renamed Samsung Electronics) and later merged with Samsung-Sanyo Electric.<ref name="Lee 2006">Template:Cite book</ref> Samsung Electronics Manufacturing had 45 employees and about Template:USD sales in 1970 and it made household electronics exclusively.<ref name="Lee 2006" />

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.<ref name="Everland">Ho Am Art Museum, "Official Web Site" Template:Webarchive</ref>Template: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).

Family tree

Lee's family tree

Source:<ref>Template:Cite web</ref>

Lee's children with Template:Ill

1. 1st daughter: Template:Ill, The founder of Hansol and spouse of its former chairman, Dr. Cho Wan-hae, M.D
2. 1st son: Template:IllTemplate:Citation needed, Founder of CJ Group (in which he lost the lawsuitTemplate:Which alongside Lee Kun-hee), father of current CJ Group chairman Lee Jay-hyun<ref>Template:Cite web</ref>
3. 2nd son: Template:Ill, Founder of Saehan<ref name=":0">Template:Cite news</ref>
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.<ref name=":0" />

Lee's children with Kuroda

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