Summary
Lee Byung-chul, the pioneering founder and inaugural chairman of the Samsung Group, is hailed for laying the groundwork for South Korea’s electronics and semiconductor industries. Throughout his lifetime, Lee established over 30 companies, including prominent entities such as Samsung C&T Corporation and Cheil Jedang.
Lee consistently espoused the philosophy that “Everything starts from the nation. When the nation is well, companies flourish and people are happy.” Guided by this ethos, he formulated his primary business principle, ‘business boguk,’ emphasizing contributions to the country, society, and humanity through business endeavors. His secondary business philosophy, “talent first,” underscored the significance of cultivating individuals to their utmost potential, envisioning their subsequent contributions to society and the nation.
Following the Korean War, Lee ventured into the sugar business, driven by his belief that nurturing manufacturing industries was pivotal for economic growth in resource-limited Korea. Addressing the import-dependency of daily necessities, he founded Cheil Jedang on August 1, 1953, producing 6300 kilograms of sugar prototypes that drastically reduced Korea’s sugar import reliance from 100 percent to 7 percent by 1956.
Expanding his focus to the textile industry, Lee sought to elevate the quality of clothing in Korea, countering the prevalent use of dyed American military uniforms due to the absence of affordable suits. He established Cheil Woolen Fabrics Industries on September 15, 1954, with the goal of competing against the centuries-old tradition of British textile companies, ultimately achieving remarkable success.
In the late 1960s, Lee recognized the potential for Korea’s economic growth in the electronics industry. Despite initial skepticism from the domestic industry, he advocated for the pivotal role of electronics, personally persuading the then-president to foster the sector, leading to the founding of Samsung Electronics in January 1969. Over the years, the company achieved significant milestones, setting a world record in 1978 by producing two million black-and-white televisions and becoming the first in Korea to manufacture five million color televisions in 1984.
On Feb. 8, 1983, Lee initiated a transformative moment for the Samsung Group by announcing the entry into the semiconductor business, a move termed the “2.8 Tokyo Declaration.” Subsequent efforts included Lee’s exploration of IBM and General Electric’s semiconductor facilities during a trip to the United States. After meticulous planning, market research, and talent acquisition, Samsung’s development team, under Lee’s guidance, succeeded in developing high-quality 64K D-RAM nine months later, marking the inception of the “electronics revolution” in Korea.
Timeline
▲ February 12, 1910 = Born the youngest of two sons and two daughters of Lee Chan-woo and Kwon Jae-rim in Uiryeong-gun, South Gyeongsang Province.
▲ March 1922 = Enrolled in Jisu Public Normal School.
▲ September 1922 = Transferred to Seoul Transport Public Normal School.
▲ April 1926 = Enrolled in Jungdong Middle School.
▲ December 1926 = Married Park Du-eul.
▲ April 1930 = Enrolled in the Department of Political Economy at Waseda University, Japan.
▲ 1931 = Returned to Korea after dropping out of Waseda University.
▲ March 1936 = Established a rice mill in Masanseo, South Gyeongsang Province.
▲ March 1938 = Established Samsung Corporation in Daegu, North Gyeongsang Province.
▲ 1939 = Acquired Joseon Brewery (currently HiteJinro).
▲ 1941 = Reorganized Samsung Corporation into a joint stock company. Started exporting to China.
▲ 1942 = Acquired Joseon Brewery (currently HiteJinro).
▲ 1948 = Established Samsung C&T Corporation in Gyeongseong (now Seoul).
▲ 1950 = Selected as a member of the Japanese industrial inspection team. Visited Japan’s engineering industry and post-war industrial facilities.
▲ January 1951 = Established Samsung C&T in Busan.
▲ August 1953 = Established Cheil Jedang.
▲ September 1954 = Established Cheil Industries.
▲ February 1958 = Acquired Ankook Fire.
▲ August 1961 = Founded the Korea Businessmen’s Association (now The Federation of Korean Industries) and became its first president.
▲ February 1963 = Established Tongyang TV Broadcasting.
▲ July 1963 = Acquired Donghwa Department Store (now Shinsegae Department Store).
▲ August 1964 = Established Korea Fertilizer. Appointed as a chairman of Daegu University Foundation.
▲ May 1964 = Established Tongyang Radio and Tongyang Broadcasting Company.
▲ September 1965 = Founded JoongAng Ilbo.
▲ 1965 = Appointed as a chairman of Sungkyunkwan University.
▲ May 1966 = Suspected of smuggling Saccharin. Established Koryo Hospital.
▲ February 1967 = Acquired Sehan Paper.
▲ 1969 = Established Samsung Electronics and Samsung Electro-Mechanics. Awarded the Gold Tower Industrial Medal.
▲ July 1972 = Established Cheil Synthetic Fiber.
▲ January 1973 = Established Cheil Worldwide.
▲ May 1973 = Established Hotel Shilla.
▲ 1974 = Established Samsung Petrochemical, Samsung Heavy Industries and Samsung Precision.
▲ April 1976 = Yongin Nature Farm (now Everland) opened.
▲ 1977 = Established Samsung Shipbuilding. Merged Samsung Electronics and Samsung Electro-Mechanics. Appointed as a chairman of the Samsung Arts and Culture Foundation.
▲ March 1978 = Established Samsung Semiconductor.
▲ 1981 = Appointed as an advisor to the Korea-Japan Economic Association.
▲ April 1982 = Received an honorary doctorate in business administration from Boston University. Opened the Hoam Museum of Art.
▲ June 1982 = Opened Samsung Training Center.
▲ 1984 = Established Samsung Hewlett-Packard and Samsung Medical Devices.
▲ May 1985 = Established Samsung Data Systems (now Samsung SDI).
▲ October 1987 = Opened Samsung Advanced Institute of Technology.
▲ November 1987 = Passed away. Received Mugunghwa Medal.
