Lee Byung-chul (12 February 1910 – 19 November 1987 ) 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. He is recognized as the most successful business magnate in South Korea's history.

Early life and education

Lee was born on 12 February 1910 in Uiryeong County, South Gyeongsang Province, 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 doctorate 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. 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.

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 US$250000 sales in 1970 and it made household electronics exclusively.

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. 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 === Lee's children with Park Du-eul Lee's children with Kuroda