Lee Byung-chul
Founder of the Samsung Group, South Korea's largest conglomerate.
Lee Byung-chul (12 February 1910 – 19 November 1987) was a South Korean businessman who founded the Samsung Group, the country's largest chaebol. He started the company in 1938 at age 28 and is regarded as one of the most successful business figures in South Korean history.
Born the youngest of five siblings (four brothers and one sister) in Uiryeong County, South Gyeongsang Province, Lee came from a wealthy land-owning family of the Gyeongju Lee clan. He attended Joongdong High School in Seoul, graduating in 1929, and enrolled at Waseda University in Tokyo in 1930 to study political economy. Health problems forced him to withdraw in 1934 without completing his degree. Waseda later awarded him an honorary doctorate in 1970, and he remained active in its Korean alumni association. Boston College also gave him an honorary doctorate in 1982.
On 1 March 1938, Lee launched a trucking and real estate business in Daegu called Samsung Trading Co, which became the foundation of the Samsung Group. The name Samsung means "Three Stars," explaining the early logos. By 1945, the company was moving goods across Korea and abroad, and by 1947 it was based in Seoul. When the Korean War began in 1950, Samsung was a growing trading company, though its exact size at that time is not commonly documented as being among the ten largest. After Seoul fell to North Korean forces, Lee moved his operations to Busan, where the influx of U.S. troops and equipment during the war greatly benefited his business.
Following Park Chung Hee's 1961 coup, Lee was in Japan and stayed away for some time. He eventually returned after a deal that required Samsung to give up control of the banks it had acquired and follow the government's economic directives. That same year, in August 1961, Lee founded the Federation of Korean Industries. He later served as its chairman and was known as the richest man in Korea.
In 1965, Lee established the Samsung Culture Foundation to support programs enriching Korean cultural life. In 1969, he founded Samsung Electronics Manufacturing, later renamed Samsung Electronics, which merged with Samsung-Sanyo Electric. The company started with 45 employees and about $250,000 in sales in 1970, producing household electronics.
Lee died in 1987 in Seoul. After his death, the Ho-Am Art Museum opened to the public, housing his collection of Korean art—one of the largest pri
- born
- 12 February 1910, Uiryeong County, South Gyeongsang Province, Korean Empire
- died
- 19 November 1987, Seoul, South Korea
- field
- Business
- nationality
- South Korean
- known_for
- Founding the Samsung Group
Quick Facts
- Birth Date
- 1910-02-12
- Birth Place
- Uiryeong County, South Gyeongsang Province, Korean Empire
- Death Date
- 1987-11-19
- Death Place
- Seoul, South Korea
- Education
- Waseda University (1930–1934) (dropped out)
- Occupation
- Businessman
- Years Active
- 1938–1987
- Known For
- Founding of Samsung and CJ Group
- Title
- Chairman of Samsung (1938–1987)
- Children
- 10, including / Lee In-hee · ko · 이인희 (기업인) (daughter) / Lee Maeng-hee · ko · 이맹희 (son) / Lee Chang-hee · ko · 이창희 (1933년) (son) / Lee Kun-hee (son) / Lee Myung-hee (daughter)
- Relatives
- Lee Jae-yong (grandson) · Lee Boo-jin (granddaughter) · Lee Jay-hyun (grandson) · Chung Yong-jin (grandson) · Miky Lee (granddaughter) · Annie Moon (great-granddaughter
- Website
- https: · www.hoamfoundation.org/eng/hoam/hoam_intro.asp · hoamfoundation.org
Facts from the source article.
Lore & Background
Lee Byung-chul was born the youngest son of five siblings (four brothers and one sister) to a wealthy land-owning yangban family, a branch of the Gyeongju Lee clan. He attended Joongdong High School in Seoul, graduating in 1929, and enrolled in the Department of Political Economy at Waseda University in Tokyo in April 1930. Due to health problems, he withdrew from the program in 1934 without completing his studies. In 1970, Waseda University conferred an honorary doctorate upon him, and he was an active member of the Waseda Korean Alumni Association. He also received an honorary doctorate from Boston College in 1982.
On 1 March 1938, Lee established a trucking business and real estate business in Daegu, naming it Samsung Trading Co
Reader's Guide
Lee Byung-chul's significance lies in his founding and development of the Samsung Group, which grew from a small trading company in 1938 into South Korea's largest chaebol. His business acumen allowed Samsung to survive and thrive during the Korean War, as he relocated to Busan and benefited from the U.S. military presence. His later negotiations with the Park Chung Hee government after the 1961 coup shaped the relationship between the state and large conglomerates in South Korea. Lee also founded the Federation of Korean Industries, an influential business association, and established the Samsung Culture Foundation. His legacy includes the creation of Samsung Electronics in 1969, which became a global electronics giant. After his death, the Ho-Am Art Museum, housing his large private collection of Korean art including National Treasures, opened to the public. His children went on to found or lead other major South Korean companies, including CJ Group, Hansol, Saehan, Shinsegae, and Samsung itself under his son Lee Kun-hee.
Did You Know?
- Lee Byung-chul founded Samsung in 1938 at the age of 28.
- He withdrew from Waseda University in 1934 due to health problems but later received an honorary doctorate from the same university in 1970.
- Samsung was one of the ten largest trading companies when the Korean War started in 1950.
- After his death, the Ho-Am Art Museum, featuring his collection of Korean art including National Treasures, opened to the public.
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