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Lee Byung-chul (Korean: 이병철; 12 February 1910 – 19 November 1987[2]) was a South Korean business magnate 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 business magnate in South Korea's history.
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 (Korean: 삼성; lit. 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.[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.[10]
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.[10]
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][not specific enough to verify]
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 US$250,000 sales in 1970 and it made household electronics exclusively.[14]
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][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]
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
^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.
^Cain, Geoffrey (17 March 2020). Samsung Rising: The Inside Story of the South Korean Giant That Set Out to Beat Apple and Conquer Tech Paperback. New York: Currency (Crown Publishing Group). ISBN978-0593236703. OL20839400W.
^ abcWatkins, Thaer, "The Chaebol of South Korea", Website, downloaded 22 July 2011, [1]Archived 27 August 2011 at the Wayback Machine
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