Lee Byung-chul (; 12 February 1910 â 19 November 1987) 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. He is widely recognized as one of the most successful business magnates in South Korean history.
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 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. He entered the Department of Political Economy at Waseda UniversityâÂÂs 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.
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, where he took great care of younger compatriots such as Lotte founder Shin Kyuk-ho and POSCO chairman Park Tae-joon.
In 1982, Lee was awarded an honorary doctorate from Boston College.
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.
Samsung was one of the ten largest "trading companies" when the Korean War started in 1950.
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.
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.
In 1965, he established the Samsung Culture Foundation to promote a broad range of programs to enrich Korean cultural life.
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.
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 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).
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Lee's children with
Lee's children with Kuroda