Lee Byung-chul

Founder

Birthday February 12, 1910

Birth Sign Aquarius

Birthplace Uiryeong County, South Gyeongsang Province, Korean Empire

DEATH DATE 1987-11-19, Seoul, South Korea (77 years old)

Nationality South Korea

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1910

Lee Byung-chul (Korean: 이병철; 12 February 1910 – 19 November 1987) was a South Korean businessman.

He was the founder of the Samsung Group, South Korea's largest chaebol, and considered one of South Korea's most successful businessmen.

Lee Byung-chul 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 highschool at Joongdong High School in Seoul, and then college at Waseda University in Tokyo but did not complete his degree.

1938

Byung-chul established a trucking business in Busan on 1 March 1938, which he named Samsung Trading Co, the forerunner to Samsung.

Samsung means "Three Stars" which explains the initial corporate logos.

1945

By 1945 Samsung was transporting goods throughout Korea and to other countries.

1947

The company was based in Seoul by 1947.

1950

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 trading company.

1961

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

1965

In 1965, he established the Samsung Culture Foundation to promote a broad range of programs to enrich Korean cultural life.

1969

In 1969, Samsung Electronics Manufacturing (renamed Samsung Electronics) and later merged with Samsung-Sanyo Electric.

1970

Samsung Electronics Manufacturing had 45 employees and about $250,000 sales in 1970 and it made household electronics exclusively.

1982

In 1982, he was awarded an honorary doctorate from Boston College

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, 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).

The family of Lee Byung-chul