Lee Byung-chul facts for kids
Quick facts for kids
Lee Byung-chul
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Lee c. 1950
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| Born | 12 February 1910 Uiryeong County, South Gyeongsang Province, Korean Empire
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| Died | 19 November 1987 (aged 77) Seoul, South Korea
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| Education |
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| Occupation | Businessman |
| Years active | 1938–1987 |
| Known for | Founding of Samsung and CJ Group |
| Title | Chairman of Samsung (1938–1987) |
| Spouse(s) |
Park Du-eul
(m. 1926) |
| Children | 10, including
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| Relatives |
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| Korean name | |
| Hangul |
이병철
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| Hanja |
李秉喆
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| Revised Romanization | I Byeongcheol |
| McCune–Reischauer | I Pyŏngch'ŏl |
| Art name | |
| Hangul |
호암
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| Revised Romanization | Hoam |
| McCune–Reischauer | Hoam |
Lee Byung-chul (Hangul: 이병철; 12 February 1910 – 19 November 1987) was a very important South Korean businessman. He is famous for starting the Samsung Group, which became the country's largest chaebol. A chaebol is a huge family-controlled business group. Lee started Samsung in 1938 when he was 28 years old. Many people see him as the most successful business leader in South Korea's history.
Contents
Early Life and School
Lee Byung-chul was born on February 12, 1910. His birthplace was Uiryeong County in South Gyeongsang Province, which was part of the Korean Empire at the time. He was the youngest of four children. His family was wealthy and owned a lot of land. They belonged to the Gyeongju Lee clan, a respected family group.
He went to Joongdong High School in Seoul. In 1929, he started studying Political Economy at Waseda University in Tokyo. However, he decided to leave the university in 1931 before finishing his degree. Later in 1982, Boston College gave him an honorary doctorate degree.
Building a Business Empire
Starting Samsung Trading
On March 1, 1938, Lee Byung-chul started his first business. It was a company that transported goods and dealt with property in Daegu. He called it Samsung Trading Co. This company was the very beginning of what we know today as Samsung. The name Samsung means "Three Stars" in Korean. This is why early Samsung logos often featured stars.
By 1945, Samsung was moving goods all over Korea and even to other countries. The company moved its main office to Seoul in 1947.
During the Korean War
When the Korean War began in 1950, Samsung was already one of the ten biggest trading companies. When the North Korean army took over Seoul, Lee had to move his business to Busan. During the war, many U.S. troops and supplies came into Busan. This was very good for Lee's trading company, helping it grow even more.
Leading Korean Industries
In 1961, Park Chung Hee took power in South Korea. Lee Byung-chul was in Japan at the time and did not return for a while. Eventually, they made an agreement. Lee came back, but Samsung had to give up control of some banks it owned. Samsung also had to follow economic rules set by Park's government.
In August 1961, Lee Byung-chul helped create the Federation of Korean Industries. This group brought together many important businesses in Korea. Later in his life, Lee was the chairman of this Federation. He was known as the richest man in Korea for a time.
Supporting Culture and Art
In 1965, Lee Byung-chul created the Samsung Culture Foundation. This foundation was made to support many different programs. Its goal was to make Korean cultural life richer and more interesting for everyone.
Creating Samsung Electronics
In 1969, Lee started Samsung Electronics Manufacturing. This company later became Samsung Electronics. It first merged with Samsung-Sanyo Electric. In 1970, Samsung Electronics Manufacturing had 45 employees. It made about $250,000 in sales and focused only on making household electronics.
Personal Life and Legacy
His Passing
Lee Byung-chul passed away on November 19, 1987. After his death, the Ho-Am Art Museum was opened to the public. This museum holds his large collection of Korean art. Many of these art pieces are considered "National Treasures" by the Korean government. The Ho-Am Museum is close to Everland park, a popular amusement park in South Korea. Everland is also owned by the Samsung Group.
Lee's Family
Lee Byung-chul had many children with his wife, Park Du-eul. Many of them also became important business leaders:
- His first daughter, Lee In-hee, started the company Hansol.
- His first son, Lee Maeng-hee, was the founder of CJ Group. His son, Lee Jay-hyun, is the current chairman of CJ Group.
- His second son, Lee Chang-hee, started Saehan.
- His third son, Lee Kun-hee, became the second chairman of Samsung. His children, Lee Jae-yong and Lee Boo-jin, are also important leaders at Samsung and Hotel Shilla.
- His fifth daughter, Lee Myung-hee, is the chairwoman of the Shinsegae group.
Lee also had children with Kuroda.
See also
In Spanish: Lee Byung-chul para niños
