Lee Kun-hee’s brave new world

The Korea Times

The Korea Times

National

Tue, September 26, 2023 | 08:21

G20 in Seoul

Lee Kun-hee’s brave new world

Posted : 2010-11-09 21:38

Updated : 2010-11-09 21:38

Lee Kun-hee, chairman of Samsung Electronics, a key driver of Korea Inc., may not need further introduction

*Lee Kun-hee (Samsung)
Year of birth: 1942
Place of birth: Euiryeong, South Gyeongsang Province
Education: Bachelor's degree in economics from Waseda University, M.B.A. from George Washington University
Best quote: ``Change everything but your wife and children.’’ (1993)

By Oh Young-jin

Lee Kun-hee, chairman of Samsung Electronics, a key driver of Korea Inc., may not need further introduction.

Very little has been known about the 68-year-old mogul, whose business empire encompasses electronics to construction.

Only anecdotes can be used to fathom what he is like and how he thinks.

Although this reverse reconstruction effort of sorts about his management style and ambitions is likely to turn out to be as futile as a blind man trying to portray an elephant only by touching it as is the case in the novel, Little Prince, it would not be entirely useless to imitate Antoine de Saint-Exupéry.

After all, Lee’s Samsung Group is Korea’s biggest exporter and largest employer with its health set to impact that of this export-driven nation.

Let’s do this analysis from the latest.

The key word of his latest narrative is youth.

At least twice recently has he mentioned the necessity of reinvigoration.

Many have tried to read between lines in order to get to the bottom of an ulterior purpose behind his remarks but few have succeeded. A senior Samsung official only went as far as to say youth is Lee’s new key word but it remains to be seen what he intends to do.

Some speculate that he is planning to give his only son Jae-yong more authority to engage in day-to-day operations, while others say that the senior Lee may this time go further on his succession plan.

Whatever his real intention may be, it would be hard to dismiss that Lee wants to get his group back on toe. In other words, he wants to share the sense of crisis with his employees.

Although Samsung Electronics and other Samsung affiliates are doing great in terms of bottom line, they are facing challenges from Apple, the producer of iPhone, iPad and other i-Series. Samsung is countering Steve Jobs’ onslaught with its own selection of products _ Galaxy S or Tab, it is least assured that Samsung is winning. The core difference between the two electronics leaders is that Apple creates, while Samsung mass-produces.

If Samsung wants to stay as a leader in this cut-throat game, it also needs to create and set the standard in the market. That is most likely Lee’s conundrum _ how to sustain Samsung’s success and push it to the next level. That explained why Lee once took up “creativity” as his key.

It is worth remembering how his key word has changed the direction of his business group. He told his executives to change everything except for their wives and children. The result as well known is what Samsung has now become.

foolsdie@koreatimes.co.kr