[Lee Jae-yong] Childhood, friendship, academic background, management skills, human appearance, personality, etc.
1. Samsung Electronics Vice Chairman Jaeyong Lee
1. From childhood to becoming Samsung Vice President
Born as the eldest son of former Samsung Group Chairman Lee Kun-hee, who served as a director of JoongAng Ilbo and Dongyang Broadcasting in 1968, Samsung Electronics Vice Chairman Lee Jae-yong grew up without a shortage thanks to his grandfather Lee Byung-cheol, the first chairman of Samsung Group, and passed elementary and middle school safely in 1987. admitted to Considering that the majority of the second and third generations of chaebols majored in business administration, Vice Chairman Lee's choice of major seems rather unusual. Regarding this, it seems that Chairman Lee Byung-cheol advised Vice-Chairman Lee, who was about to take the university entrance exam, "You can learn business administration quickly later, so I hope you major in the humanities that can broaden your understanding of humans."
After graduating, he received a master's degree in business administration from Keio University, which is said to be one of the top-ranked private universities in Japan, and a doctorate in business administration from Harvard University to study business administration, which he 'learns quickly'. He has only studied all his life, so he may take a break, but when Chairman Lee Kun-hee suddenly collapsed from lung disease, he joined Samsung Electronics as the general manager of the general affairs group in November 1991, right after completing his doctorate. Since then, he has been steadily progressing through the management succession course, serving as the vice president of the management planning team, vice president of management planning team, vice president, vice president and chief operating officer, and president and chief operating officer within Samsung Electronics.
Vice-Chairman Lee is within Samsung and it may be the reason why he was evaluated as 'the third generation of chaebol who only studied.' Vice Chairman Lee directly contributed 60% of the stake, and the remaining stake was a large-scale project in which Samsung affiliates and Vice Chairman Lee Hak-su, also known as Samsung's In-jae Lee, participated. e-Samsung, which aims to invest in IT venture businesses, was in charge of domestic investment, and e-Samsung International was in charge of overseas investment. At the time, it was the interpretation of the business world that Vice Chairman Lee used e-Samsung as a performance indicator to prove his management ability, hit a 'jackpot' like the American IT giants Amazon, Microsoft, and Google, and was aiming for a natural management succession.
However, within one year of its establishment, the Fair Trade Commission stumbled from the beginning of its management, with Samsung Group's work for e-Samsung being driven, insider trading, and even a warning from unfair support. In addition, as the 'dot-com bubble' of IT companies that had been hit since 1996 burst, e-Samsung began to be ignored within the Samsung Group. In 2001, e-Samsung and e-Samsung International recorded a total loss of 17.3 billion won, including foreign corporations and all companies invested in. As a result, the industry doubted his managerial ability because Vice Chairman Lee actually failed e-Samsung's business despite receiving strong support from Samsung.
However, the vice president did not succumb to this. US Bloomberg News reported that Samsung Electronics is expected to occupy the position of the world's largest semiconductor producer in the near future. "Samsung Electronics slightly outranked Intel in sales in the first to third quarters of last year," Bloomberg said.
When Chairman Lee Kun-hee suddenly collapsed in 2014, Vice Chairman Jae-yong Lee began to take the lead in management. Vice Chairman Lee started to secure future growth engines through large-scale restructuring by selling off non-core businesses and aggressive mergers and acquisitions. One of the representative large-scale restructurings is the 'big deal', which sold part of the defense business and chemical business to Hanwha in 2014 and the remaining chemical business to Lotte in 2015. In addition, Vice Chairman Lee sold off both Samsung Electronics' printing business and stakes in overseas companies, and continued intensive business restructuring in pursuit of organizational efficiency in each affiliate. As a result, the total number of Samsung Group employees in 2016 decreased by nearly 10,000 compared to 2015.
It also actively pursued mergers and acquisitions. It acquired 'Loop Pay', an American mobile payment solution company, and launched mobile payment Samsung Pay. It also bought shares in China Star, a Chinese display maker, and BYD, an electric vehicle maker. In addition, by acquiring companies with smartphone business and Internet of Things technology, such as 'Newnet Canada', a message service company, 'Viv', an artificial intelligence company, and 'Joyant', a cloud company, the company prepared the future food of the company.
Vice Chairman Lee announced in May 2020, "We will build an extreme ultraviolet (EUV)-based foundry production line at Samsung Electronics' Pyeongtaek campus."
The investment is estimated at about 10 trillion won, and the plan is to build a consignment production ecosystem by spurring the advancement of microprocessing using extreme ultraviolet rays. This seems to mean that the government will focus on developing artificial intelligence semiconductors while keeping pace with the government's national strategy for artificial intelligence to gain a clear edge in the global market.
Samsung Electronics has been focusing on system semiconductors for a long time. In 2019, it announced a large-scale investment plan to invest 133 trillion won in system semiconductors by 2030. Specifically, it announced that it would invest 73 trillion won in R&D and 60 trillion won in cutting-edge production infrastructure, respectively, and hire 15,000 system semiconductor experts.
It is estimated that Samsung Electronics' semiconductor business last year saw sales increase by more than 20 trillion won and operating profit by more than 10 trillion won compared to the previous year, probably thanks to Lee's active investment. In particular, about 30 trillion won, more than half of the total operating profit of 51.6 trillion won, was analyzed to have come from the semiconductor business, and it is expected that the corner of the mouth of Vice Chairman Lee Jae-yong was caught in his ears.
Samsung Electronics Vice Chairman Lee Jae-yong is currently on trial on charges of unfair merger between Cheil Industries and Samsung C&T for management succession. Chairman Lee Kun-hee naturally took over the management in 2014 due to health problems, but no official succession took place. Accordingly, Samsung Electronics Vice Chairman Lee Jae-yong promoted a merger between Samsung C&T and Cheil Industries in September 2015 to succeed to management rights and strengthen Samsung Group's dominance. However, as Samsung C&T's stock price was the lowest when the merger plan was announced and Cheil Industries' stock was the most overvalued, there was strong opposition from Samsung C&T shareholders. According to the ratio set by law, the merger ratio between Cheil Industries and Samsung C&T was set at '1:0.3500885'. In other words, it means that the value of one Samsung C&T stock is equal to the value of 0.3500995 Cheil Industries shares, which inevitably caused losses to Samsung C&T shareholders.
In response, US hedge fund Elliott, a shareholder of Samsung C&T, said, "The merger ratio is set in a situation where Samsung C&T is undervalued, which is unfavorable to Samsung C&T shareholders." Please don't admit it," but it was rejected on July 1, 2015. Prosecutors are indicted on charges of involvement in managing the stock price of Samsung C&T and Cheil Industries in 2020 so that the merger ratio is calculated in a favorable direction during the 2020 merger.
2. Invest 240 trillion won and hire 40,000 people for 'New Samsung'
Vice Chairman Lee Jae-yong's Samsung announced in August 2021 a large-scale investment plan to invest 240 trillion won in strategic businesses such as semiconductors and biotechnology for the next three years and directly employ 40,000 people. This investment plan is the largest in the history of a single company, surpassing the 180 trillion won investment plan released in 2018. After being released from parole in August of last year, Vice Chairman Lee met with key executives at the Samsung Electronics office building in Seocho, and held a meeting with each business division of Samsung Electronics, including the memory and foundry divisions. He was reported to have directed the preparation of investment and recruitment plans for Samsung's long-term development, receiving reports of major issues.
Samsung will invest 180 trillion won of its 240 trillion won in Korea. The goal is to lead the reorganization of the global industrial structure and strengthen market dominance through large-scale investments centered on cutting-edge innovative businesses. These bold investments are aimed at large-scale mergers and acquisitions. Samsung Electronics announced that it is pursuing significant mergers and acquisitions over the next three years and is considering acquisition targets in AI, 5G, and electronics. As Vice Chairman Lee Jae-yong returned to management, there are speculations that investment decisions and mergers and acquisitions in the US will be accelerated.
It will also directly hire 40,000 people over the next three years. Typically, 30,000 people are hired for three years, but an additional 10,000 people are hired mainly in high-tech industries. In addition, Samsung expects that the 240 trillion won investment will create employment and jobs for 560,000 people due to the trickle-down effect.
We will also strengthen social contribution and education projects. By expanding Samsung's flagship program, Youth Software Academy, and 'C Lab' to support startups, it will contribute to resolving the youth unemployment crisis and fostering high-tech new growth industries. Next, in order to bridge the gap between large and small businesses, support for basic science and source technology research and development will be expanded, and the smart factory program will continue to be promoted. In addition, the company plans to strengthen the safety net of suppliers by expanding cooperation programs such as the win-win fund.
The bio sector, which is the next-generation food, is also planning to become a 'second semiconductor myth'. Through Samsung Biologics, Samsung completed three 'Bio Pharmaceuticals Consignment Development and Manufacturing (CDMO)' factories nine years after starting the bio business. When the 4th plant, currently under construction, is completed, Samsung Biologics' production capacity will reach 620,000 liters, ranking first in the world. When Samsung revealed its bio-investment plan, it gave meaning to it as a 'national security project'.
Samsung Biologics and Samsung Bioepis will continue to invest aggressively in the future and build 5 and 6 factories in the CDMO field to secure an absolute advantage as a hub for global biopharmaceutical production. Samsung Bioepis, which is in charge of biosimilars, is currently developing its 10th product into clinical trials, and 5 products have already been launched in the global market, increasing its competitiveness. In particular, in addition to biopharmaceuticals, it will also make new entry into next-generation therapeutics CDMOs such as vaccines and cell and gene therapies, and invest intensively by expanding pipelines for biosimilars.
In response to the sudden large-scale investment announcement, a Samsung Electronics official said, "We are preparing for the role of 'a company that opens a new future' by leading the global industrial restructuring through large-scale investments centered on cutting-edge innovative businesses." We have gone through the process and plan to continue to implement it with sincerity.”
2. Lee Jae-yong, the 'human' seen by his acquaintances
1. Not the media
According to a classmate who has known Lee for a long time, he is the type of person who relieves stress well. Perhaps it is because his every move is overreported in the media and he is trained to be known and sometimes distorted as if issues that ordinary people would normally pass on are big problems. Nevertheless, Lee is known to be very reluctant to expose himself to the media. A high school classmate who was close with the managing director said, “Jaeyong shared his feelings while having a drink at a bar to a reporter, a senior at school, with whom he is usually close. ” he said. Another classmate said, "(Lee) was outraged once, having a drink with an executive of an electronics company in Japan, and said that the paparazzi filmed a scene in a bar and demanded a large sum."
Lee graduated from Gyeonggi Elementary School, Cheongwoon Middle School, and Gyeongbok High School, and graduated from the Department of Oriental History at Seoul National University. In the spring of 1984, when he enrolled, Gyeongbo High School suddenly underwent a major construction project. Old school buildings have been converted to ultra-modern and new ones have been added. A school broadcasting station was established, which was a state-of-the-art facility at the time. A large Samsung color TV was distributed to each class, and morning TV classes, which were high-tech at the time, were conducted. However, the classmates say with Lee Gu-dong that none of the students at that school knew that Lee was the son of the Samsung Group owner. It is said that Lee had always been at the top of the list during his school days. His English and math scores were particularly good. Executive Vice President Lee served as the class president from Chungwoon Middle School to Gyeongbok High School. In her third year of high school, her homeroom teacher, her aunt, said, “I remember Jaeyong as an ordinary kid who studies well and has good friendships. He liked to hang out with his friends, so he would often invite his friends to his house.” The teacher explained that Lee's high school life record was written as 'cheerful, cheerful, and active in everything.' A classmate who attended Cheongwoon Middle School and Gyeongbokgung High School said, “I saw Jaeyong from middle school to high school, but he was always a calm and quiet friend who didn’t talk much. “I didn’t know that he was an only son,” he said.
2. I like meeting my high school classmates
Executive Director Lee said he likes to meet high school alumni. When meeting with her friends, she is said to come out in casual clothes without a bodyguard or group official. According to a person who meets Lee on a regular basis, “Jae-yong and I meet comfortably at Samgyeopsal restaurants in Hannam-dong or Samgakji. My drinking skills are just average, and I enjoy soju.” He said, “Even if I see people in a meat restaurant, I’m not very conscious of it. However, since his face is known, he often sits with his back to the wall, looking at the wall in a corner that is not seen by people.” Another classmate said, “Jaeyong is very busy, so he sees him two or three times a year. He has been careful since he was very young, so he has a tendency to be considerate of others.” Occasionally, there are alumni who file complaints with Managing Director Lee, but in this case, it is said that they listen quietly and pass it on.
3. International equestrian competition awards
His hobbies include golf, watching movies, and horseback riding. She likes to play golf and is good at it. According to those who have played golf with him, Lee is a long hitter with an average driving distance of 250 yards, and his iron shots are pro-level. The handicap is 6. It is said that it is said that it rarely exceeds 85 shots at Anyang Benest GC back tee (7044 yards in length) operated by Samsung Everland. He said a few years ago he even played a hole-in-one at the 13th hole of Anyang Benest GC. When asked who Korea's golf rival is in an interview with the media, SoftBank Chairman Son Jeong-eui, the richest person in Japan and the third generation of Korean descent, said, "In Korea, LG Chairman Koo Bon-moo is his match. Samsung's Jay Lee (Lee Jae-yong, managing director) also played really well. He has won and lost with the two of them,” he said. Lee's hobby: Horseback riding was not very well known in the Middle Ages. Few people know that he played for the national equestrian team for a considerable period of time. He has also won international competitions.
In 1990, with 40 countries participating, he participated in the Samsung International Dressage Competition accredited by the International Equestrian Association (FEI) in Korea and won the gold medal as the national team. He won a silver medal in the team event. During his time at Seoul National University, he was active as a member of the 15-member Korean national equestrian team from the late 80s to the early 90s when he was still attending Seoul National University. According to acquaintances, the executive director has been studying hard lately. An alumni said, “Jaeyong is very interested in history as he majored in Oriental history. Among historians, he tends to read history books about the rise and fall of countries around the world.” It is said that his favorite hobby is collecting old maps. He is also well versed in genomics and has considerable kanji skills.
4. I am interested in history, so I collect old maps
Within the Samsung Group, Lee is known by his English initials 'JY'. In a recently published book, Dr. Shin Yong-in, who served as a managing director at Samsung Electronics, said, “It was only a few days after I was hired by Samsung. An executive came up to me and asked, 'Do you know who JY is?' At the time, he asked, 'Isn't it Vice Chairman Yoon Jong-yong?' Then he explained, 'JY is Lee Jae-yong (then), the son of Chairman Lee Kun-hee,'" he recalled. According to an executive of the Samsung Group, last year, there was a meeting of the Samsung Electronics design team that had an office in the JoongAng Ilbo with Executive Vice President Lee in attendance. It is said that the managing director instructed the design team to move to Samsung Town in Seocho-dong. However, it is rumored that the Samsung Electronics Global Marketing Office (GMO), which had decided to enter Samsung Town in Seocho-dong, could not enter Seocho Town in the process because of the design team, which was not originally planned due to the department layout. In the end, the global marketing office was forced to move to Suwon because the design team used the spacious office in Samsung Town. This is an anecdote that symbolically shows the position of managing director Lee in the Samsung Group.
5. Golf skills are single, 10 glasses of bomb liquor
Jaeyong Lee was born in Seoul in 1968 and graduated from Gyeonggi Elementary School, Chungwoon Middle School, Gyeongbokgung High School, and Seoul National University's Department of Oriental History. After graduating from Seoul National University in 1991 and joining Samsung Electronics, he went straight to Keio University in Japan. He later studied at Harvard Kennedy School for one year and completed his PhD in Business Administration at the Business School. The managing director has a relatively good friendship relationship. It is said that he has a gentle personality and gets along well with his middle and high school classmates. In June 1998, Lee married Im Se-ryung, the eldest daughter of the honorary chairman of the Daesang Group, Lim Chang-wook, who was nine years younger than him, and they had two children, but they ended up having two children.
It is said that the affection he has for his children is special. Because of his busy schedule, he can't play with the children often, but whenever he has free time, he visits baseball fields, basketball courts, and figure skating grounds to watch them together. Last April, he and his son Jiho (10) visited Jamsil Indoor Gymnasium and spent time together watching a basketball game between Seoul Samsung University and Jeonju KCC. A Samsung official said, “Since the Samsung special prosecutor Lee went on a rotational duty overseas, the time he spends with his children has decreased a lot. .
A Samsung executive who had played golf with him said, “I was impressed with how well the principles were followed when playing. He didn't even touch the leaf next to the cheek," he said. Another executive said, “I always pay when I come to Anyang Golf Course. He also considers that when he plays, his companions are more comfortable than himself.”
It is popular with classmates. It is evaluated that it is because he is humble even though he is the successor of giant Samsung. When I meet friends such as middle and high school classmates, I usually listen to them. He says he seldom gets angry. His motto is 'Gyeokmulji' (格物致知) and 'Samgo Choryeo' (三顧草廬). It is said that two lion idioms were written on two frames in the office of Samsung Group's main building on Taepyeong-ro in the past. The frame with the words “Gyeokmulji” written on it was a gift from former Vice Chairman Yoon Jong-yong, which symbolizes science and practical science. Samgo Choryeo, written in another frame, has been the basis of Samsung's management since the time of Lee Byung-cheol, the former president.
His drinking skills are known to be above average. When having dinner with the staff, he makes bomb wine himself, and it is said that he drinks about 10 glasses of wine. At gatherings with friends, I usually enjoy samgyeopsal with soju. Military service was exempted. It's because of a herniated disc that he got from falling off a horse while representing the national equestrian team. His fashion is sophisticated. I prefer tailored suits, and my favorite suit is known as 'bespoke'. 'Bespoke' is produced and sold at 'Boon the Shop' in Cheongdam-dong, Seoul, operated by Shinsegae International. Only the finest fabrics such as Loro Pia and Ceruti Pintes are used. It costs between 1.95 million and 4.95 million won and takes about two weeks to complete.
For food, he says he likes meat and bean noodles. Director Lee's signature is affixed to the Jinju Hall in the back alley of Samsung Life Insurance, famous for its bean noodles. For his father, who likes wheat flour, he also delivers at this house, and is known to often make soybean noodles for team dinners.
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