Summary

Lee Kun-hee, the former chairman of Samsung Group, assumed leadership on Dec. 1, 1987, succeeding his father, the late Chairman Lee Byung-chul. Under the mentorship of his father, Lee underwent 21 years of rigorous management training, marked by daily check-ins at his father’s quarters in Yongin.

During Lee’s tenure, Samsung underwent a remarkable transformation into a global powerhouse. Under his strategic guidance, the company’s revenue soared from 10 trillion won to an impressive 387 trillion won, while profits surged from 200 billion won to an astounding 72 trillion won. By 2020, Samsung’s brand value had reached $62.3 billion, securing a fifth-place global ranking. The company solidified its global standing with 20 products recognized as the “world’s best,” spanning smartphones, TVs, and memory semiconductors.

The industry attributes Samsung’s rapid ascent to Lee’s leadership, characterized by the introduction of advanced management systems and the cultivation of a dynamic corporate culture that challenges and motivates employees.

In 1993, Lee crystallized his management philosophy with the declaration of “New Management,” triggered by the Fukuda Report. This comprehensive approach aimed to address design issues and employee attitudes, as highlighted in the critical report. Outraged by a video depicting subpar assembly practices, Lee resolved to propel Samsung into a world-class company. The New Management initiative, launched in Frankfurt, Germany, and Los Angeles, USA, was grounded in the commitment to provide products and services of the highest quality and competitiveness, contributing to human society.

Recognizing the importance of technological competitiveness, Lee prioritized the semiconductor industry early on, despite initial opposition in 1974. His foresight and determination led to the establishment of Samsung Semiconductor, now celebrated as a success story in the realm of semiconductors. Lee firmly believed in the alignment of the semiconductor industry with the cultural characteristics of Koreans, deeming it essential for the future of both the Korean and global economies.

Timeline

▲ January 9, 1942 = Born the sixth of eight children to Lee Byung-chul (father) and Park Doo-eul (mother) in Myeongseo, South Gyeongsang Province.

▲ 1947 = Moved to Seoul and enrolled in Hyehwa Elementary School.

▲ 1953 = Moved to Japan during fifth grade.

▲ 1961 = Graduated from Seoul National University High School and enrolled in Yonsei University. Later, his father encouraged him to study in Japan.

▲ 1965 = Graduated from Waseda University, Faculty of Commerce, Japan.

▲ 1966 = Graduated from George Washington University Business School in the United States. Returned to Korea and joined Tongyang TV Broadcasting in October.

▲ 1967 = Married Hong Ra-hee (director of the Rium Museum of Art), daughter of Hong Jin-ki, former president of the JoongAng Ilbo.

▲ 1968 = Started managing a media business at his father’s suggestion. Served as a director of JoongAng Ilbo and Tongyang TV Broadcasting.

▲ 1974 = Acquired Korea Semiconductor.

▲ 1975 = Appointed as a chairman of Samsung Corporation.

▲ 1978 = Appointed as a vice chairman of Samsung C&T Corporation and vice chairman of Samsung Group.

▲ 1982 = Appointed as a director of the Korea Youth Association, president of the Samsung Lions baseball team, president of the Korea Wrestling Federation, and a permanent member of the Korean Olympic Committee (KOC).

▲ 1983 = Samsung Electronics officially entered the semiconductor business after declaring its “second founding.”

▲ November 1983 = Samsung Electronics merged with Semiconductor Communications.

▲ 1989 = Established Samsung Foundation.

▲ June 1993 = Presided at the Frankfurt meeting and declared “New Management.”

▲ July 1993 = Implemented the “7-4 commute system” in all affiliates.

▲ 1994 = Samsung became the first Korean company to exceed 1 trillion won in operating profit.

▲ October 1994 = Launched “SH-770,” the first “AnyCall” mobile phone.

▲ 1995 = Burned 150000 wireless phones with poor quality at the Gumi Plant in Gyeongbuk.

▲ 1996 = Appointed as a member of the International Olympic Committee (IOC).

▲ 1997 = Published an essay book. Selected as one of the “Top 10 Leaders for National Development” by the Yeouido Club. Selected as a “Proud Wasedaite” by the Waseda University Korea Alumni Association.

▲ 2000 = Received an honorary doctorate in business administration from Seoul National University. Awarded the “2nd Proud SNU Bugo-in Award” (meaning proud alumnus of the school) by Seoul National University High School Alumni Association.

▲ 2001 = Introduced various bonus programs, including the Excess Profit Sharing System and the Productivity Incentive System.

▲ 2003 = Samsung brand value exceeded $10 billion.

▲ November 2003 = Selected as the cover model for the Asian edition of Newsweek.

▲ 2004 = Developed the world’s first one gigabyte (Gb) “one-nand fusion memory.” Reached $500 billion in exports. Awarded the Legion of Honor.

▲ 2005 = In September, departed for the U.S. for treatment of lung cancer. Youngest daughter, Lee Yoon-hyung, died while studying in the United States. Received an honorary doctor of philosophy degree from Korea University. Selected as one of the 100 most influential people in the world by US Time. Ranked 47th on the Financial Times (FT) “World’s 50 Most Admired CEOs” list.

▲ 2006 = Awarded the Van Fleet Prize, which recognizes individuals who have contributed to improving understanding between Korea and the United States. Announced plans to expand social contribution activities after returning 800 billion won to society.

▲ 2008 = Stepped down as chairman after the “Samsung slush fund scandal.” Sentenced to three years in prison, five years of probation, and 110 billion won in fines.

▲ 2010 = Returned to management as chairman of Samsung Electronics. Launched Samsung’s first Galaxy series, the Galaxy S III. Received an honorary Doctor of Laws degree from Waseda University.

▲ 2011 = Named one of the “25 Most Powerful People in Asia” by Fortune magazine.

▲ 2012 = Samsung achieved the No. 1 global mobile phone sales share. Lawsuit with his brother Lee Meng-hee for the extradition of shares worth 71 billion won.

▲ 2014 = Suffered an acute myocardial infarction and collapsed at his home in Itaewon-dong, Seoul.

▲ 2020 = Passed away.