Samsung owner family marks 5th anniversary of late chairman’s death

Samsung Electronics Executive Chairman Lee Jae-yong attends a memorial ceremony for his father, former Samsung Group Chairman Lee Kun-hee, at the former chairman's grave in Suwon, Gyeonggi Province, Friday, a day before the fifth anniversary of the death. Yonhap

Samsung Electronics Executive Chairman Lee Jae-yong and other owner family members of Samsung Group commemorated the fifth anniversary of late Chairman Lee Kun-hee’s death on Friday.

According to Samsung Group, Chairman Lee, Lee’s mother and Leeum Museum of Art Honorary Director Hong Ra-hee, Hotel Shilla President Lee Boo-jin, Samsung C&T President Lee Seo-hyun and other members of the Lee family attended the memorial ceremony in Suwon, Gyeonggi Province. Boo-jin and Seo-hyun are younger sisters of the Samsung chairman.

Along with the family members, about 150 current and former executives, including Samsung Electronics Vice Chairman Jun Young-hyun, Samsung C&T CEO Oh Se-chul and Samsung Life Insurance CEO Hong Won-hak, also visited the late chairman’s grave.

After the memorial ceremony, Chairman Lee and the heads of Samsung affiliates held a luncheon in Yongin, Gyeonggi Province, to pay tribute to former Chairman Lee.

A Samsung Electronics employee burns stockpiles of the company's mobile phone at a plant in Gumi, North Gyeongsang Province, in this 1995 file photo. Courtesy of Samsung Electronics

Lee died on Oct. 25, 2020, after spending more than six years in medical care due to a heart attack in 2014. He became the second chairman of Samsung Group in 1987 and left a significant mark on Korea’s economy by transforming Samsung from a cheap, low-quality mobile phone manufacturer into the country’s leading conglomerate.

Lee is remembered for his famous 1993 remark that the group must change “everything except our wives and children.” In the early years, Samsung’s mobile phones had a defect rate as high as 12 percent, prompting him in 1995 to order the burning of about 150,000 Anycall mobile phones, worth 50 billion won ($34.76 million), to send a strong message about product quality.

He also made aggressive investments in the semiconductor business, enabling Samsung to maintain its position as the world’s No. 1 DRAM supplier for more than 30 years since 1992. Throughout his tenure, he emphasized the importance of preparing for the future, which helped the group remain resilient through the 1997 Asian financial crisis and the 2009 global financial crisis.

To honor his philosophy of sharing the benefits of growth, the Lee family has been making donations and engaging in various philanthropic activities. In 2021, they donated 700 billion won to strengthen the nation’s infectious disease response infrastructure and 300 billion won to support treatment for children with cancer and rare diseases.

In addition, more than 23,000 works of art collected by the former chairman were donated to national and local museums. The Lee Kun-hee collection includes 14 national treasures and 46 important cultural properties, has been exhibited at various institutions, such as the National Museum of Korea and the National Museum of Modern and Contemporary Art, enriching the country’s cultural heritage.

Beginning in November, the collection will be showcased internationally, starting at the Smithsonian Museum in the United States, followed by the Art Institute of Chicago and the British Museum.