Lee Young-kwan, former chairman of Toray Advanced Materials Korea, retired on April 1 at the age of 78, ending a 52-year career at the same company without ever changing jobs. For 26 of those years, he served as CEO or chairman, making his career a record in itself. He began in 1973 at Cheil Synthetic Textiles, a joint venture between Samsung and Japan’s Toray. The company later changed its name to Saehan in 1997 and to Toray Advanced Materials Korea in 1999, but remained fundamentally the same organization. Cheil was first spun off from Samsung as Saehan, then acquired by Toray.
Over his more than five decades in the workforce, Lee witnessed pivotal economic events such as the oil shock, the IMF crisis, and the global financial crisis, all while being at the forefront of Korea’s industrial scene. In today’s rapidly changing business environment, where corporate executive tenures are becoming shorter, he is regarded in the business world as a “once-in-a-lifetime salaryman legend.”
In an interview with Chosun Ilbo at Toray Advanced Materials Korea’s Seoul headquarters on April 14, Lee said, “The term ‘salaryman’ was always the phrase I hated most.” What drove him to work with such passion, he explained, was not a paycheck but the mindset of living a life on his own terms. “You can only do your best when you think of it as your own work. And when you do your best, that’s when it becomes fun,” he said. His lifelong principle was a strong sense of ownership.
Looking back on his decades in the materials industry, Lee said he hardly noticed time passing because he was always thinking, “What’s next?” Materials serve as the foundation for industries such as electronics, automobiles, and textiles. To lead the future, he said, one must anticipate trends and invest 10 to 20 years ahead. Lee shared insights from his 52-year journey and offered advice to the next generation.
These days, people seem to care more about compensation than what kind of work they do.
“It’s true that today’s younger generation is different. But looking at our employees, they don’t switch jobs just because another company offers a bit more money. What really matters is whether they see a future for themselves here—that’s the key. A CEO must keep thinking about that. Over the past 50 years, I’ve seen that even if another place looks better in the short term, those who give their best in one company tend to achieve greater success and lead more stable lives. And more than the CEO or chairman, your direct boss matters most. If that person has vision and finds meaning in their work, it shapes the entire experience for those who work under them.”
While you were CEO, the company was notorious for little to no labor disputes. What was your know-how?
“The company’s vision and the employee’s wants are always going to have a gap. It’s a trite saying, but trust is the key. I’ve always prioritized transparency through two-way communication. Now, we have over 2500 employees, but when we had 800, I made it a goal to memorize every single person’s name, greeting them whenever I could. During monthly meetings, we updated all employees on current business progresses, achievements, and risks. Labor unions were encouraged to attend to share their input. Since they understood all aspects of the company’s direction, unreasonable demands weren’t made. I believe that’s the secret to our clean record with labor disputes.”
After experiencing life at Samsung and Toray, what was the biggest difference between the two?
“At the core, the two companies value contribution to society and securing talents. Toray, however, places a greater emphasis on craftsmanship. Its corporate philosophy includes the idea that ‘the deeper you explore, the more new things emerge’—a mindset of pushing limits. Even if something doesn’t bring immediate profit, the company believes in refining it further until it becomes of use. When making a single fiber, they try to make it thinner and stronger at the nano level. They believe that materials must lead the way for advanced industries to emerge. It’s thanks to materials developed by Toray that products like Uniqlo’s HeatTech became possible. In the early 2000s, when Korea’s TV industry shifted from cathode-ray tubes to flat-panel LCDs, Toray Advanced Materials Korea Inc. co-developed and supplied TV processing films with Samsung and LG, which helped drive growth in that sector.”
Why are Korean companies falling behind Japanese firms in materials, parts, and equipment?
“Carbon fiber is seen as a key material in future industries now, but it took over 30 years for Toray to profit from starting production in the early 1970s. Can Korean companies risk three decades of loss for long-term investment? On top of that, executives here are frequently replaced, making it hard for them to invest with a long-term goal. Not only that, major Korean firms like LG grew through finished product exports. They never really considered developing materials themselves—all were outsourced.”
What is the biggest threat for our corporations right now?
“It’s China. In recent years, they have rapidly narrowed the technology gap in various fields such as semiconductors, bio, health, and chemicals. I predict a maximum of 5 years as our golden time. In the next few years, we need to make major breakthroughs to stay afloat. We must automate manufacturing sites by introducing robots and enhance efficiency with artificial intelligence technology to stand a chance against Chinese corporations.”
How do you think Trump’s ‘tariff war’ will impact corporations?
“While it’s true that corporations are struggling now, it’s not as serious as during the foreign exchange crisis. We are not at a point where existing industries are overturning and collapsing. Furthermore, the customs duty policy itself hasn’t been fully validated and could change at any time. The key is to stay calm and seize the opportunities that arise after the crisis.”
