Lee Byung-chul (; 12 February 1910 – 19 November 1987
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.
He was the son of a wealthy land-owning
yangban family, a branch of the Gyeongju Lee clan.
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 drop out in 1931.
In 1982, Lee was awarded an Honorary degree from Boston College.
Career
Samsung
Lee established a trucking business and real estate business in
Daegu on 1 March 1938,
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.
Korean War
Samsung was one of the ten largest "trading companies" when the
Korean War started in 1950.
[Watkins, Thaer, "The Chaebol of South Korea", Website, downloaded 22 July 2011, [1] ]
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.["Samsung's development in chronological order"]
Cultural and art
In 1965, he established the Samsung Culture Foundation
to promote a broad range of programs to enrich Korean cultural life.
Samsung Electronics
In 1969, Samsung Electronics Manufacturing (renamed Samsung Electronics) and later merged with Samsung-Sanyo Electric.
Samsung Electronics Manufacturing had 45 employees and about sales in 1970 and it made household electronics exclusively.
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.
[ Ho Am Art Museum, "Official Web Site" ] 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:
Lee's children with
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1st daughter: , The founder of Hansol and spouse of its former chairman, Dr. Cho Wan-hae, M.D
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1st son: , Founder of CJ Group (in which he lost the lawsuit alongside Lee Kun-hee), father of current CJ Group chairman Lee Jay-hyun
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2nd son: , Founder of Saehan
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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
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3rd daughter: Lee Soon-hee
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4th daughter: Lee Deok-hee, widow of Lee Jeong-gi
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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
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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
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4th son: Lee Tae-whi
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6th daughter: Lee Hye-ja
