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Lee Byung-chul

Lee Byung-chul South korean businessman

South korean businessman
The basics
Quick Facts
Intro South korean businessman
A.K.A. Lee Byung-chull
Was Businessperson Entrepreneur
From South Korea
Type Business
Gender male
Birth 12 February 1910, Uiryeong County, South Gyeongsang Province, South Korea
Death 19 November 1987, Seoul, South Korea (aged 77 years)
Star sign AquariusAquarius
Family
Spouse: Pak Tu-ul
The details
Biography

Lee Byung-chul (12 February 1909 – 19 November 1987) was the founder of the Samsung Group and one of South Korea's most successful businessmen. With the breakup of the Hyundai chaebol, Samsung is now South Korea's largest business group.

Personal life

Early life

Byung-chul was the son of a wealthy landowning family (a branch of the Gyeongju Lee clan). He attended college at Waseda University in Tokyo but did not complete his degree.

Korean art collection

After his death, Byung-chul's estate (Ho-Am) was opened to the public for tours. His collection of Korean art is considered one of the largest private collections in the country and it features 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, South Korea's most popular amusement park (Everland is also owned by the Samsung Group).

Family

The family of Lee Byung-chul

  • Lee Byung Chul (12 February 1909 ~ 19 November 1987) - 1st chairman of Samsung.
    • 1st wife: Park Du-eul (1907 ~ 1999)
      • 1st daughter: Lee In-hee (1929 ~ 2019)
      • 1st son: Lee Maeng-hee (1932 ~ 2014) - Founder of CJ Group (he lost the lawsuit with Lee Kun-hee)
      • 2nd son: Lee Chang-hee (1934 ~ 1992) - Founder of Saehan
      • 2nd daughter: Lee Suk-hee (1936~)
      • 3rd daughter: Lee Soon-hee (1938~)
      • 4th daughter: Lee Deok-hee (1940~)
      • 3rd son: Lee Kun-hee (1942~) - 2nd chairman of Samsung.
      • 5th daughter: Lee Myung-hee (1944~) chairwoman of Shinsegae group and mother of Chung Yong-jin
    • 2nd wife : Mrs. Kuroda
      • 4th son: Lee Tae-whi (1946~)
      • 6th daughter: Lee Hye-ja (1962~)

Professional life

Beginning

Byung-chul established a trucking business in Daegu on 1 March 1938, which he named Samsung Trading Co, the forerunner to Samsung. Samsung means "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. It 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 trucking company.

Lee in 1950

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.

Federation of Korean Industries

The first step of the Federation of Korean Industries (FKI) was established in August 1961. The association was founded by Samsung Group Chairman Lee Byung-chul. He was a noble leader to every employee that walked through the office.

Later in life, Byung-chul served as chairman of the Federation of Korean Industries and was known as the richest man in Korea.

The contents of this page are sourced from Wikipedia article. The contents are available under the CC BY-SA 4.0 license.
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Reference sources
References
http://www.businessinsider.com/lee-family-power-war-for-samsung-scandals-and-bribes-2015-6/#anwhile-he-had-started-to-groom-his-own-children-for-business-management-especially-his-only-son-lee-jae-yong-17
http://scholar.google.com/scholar?q=%22Lee+Byung-chul%22
http://www.google.com/search?&q=%22Lee+Byung-chul%22+site:news.google.com/newspapers&source=newspapers
http://www.google.com/search?as_eq=wikipedia&q=%22Lee+Byung-chul%22
http://www.google.com/search?tbm=nws&q=%22Lee+Byung-chul%22+-wikipedia
http://www.google.com/search?tbs=bks:1&q=%22Lee+Byung-chul%22+-wikipedia
http://article.joinsmsn.com/news/article/article.asp?total_id=6917001&cloc=olink%7Carticle%7Cdefault
http://www.koreaherald.com/view.php?ud=20150818001029
http://www.koreaittimes.com/story/7223/hail-father-business-lee-byung-chul
http://terms.naver.com/entry.nhn?docId=2837041&cid=50867&categoryId=50867
http://www.sjsu.edu/faculty/watkins/chaebol.htm#SAMSUNG
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