So you’ve been wondering who owns Samsung?
Well, Samsung is owned by the Lee family, which holds a controlling stake in the company through Samsung C&T Corporation and Samsung Life Insurance. The company is headquartered in Seoul, South Korea, and has operations in over 80 countries around the world.
The chairman of Samsung was Lee Kun-hee, who had been the driving force behind the company’s success and is widely regarded as one of the most influential figures in the technology industry. Unfortunately, Lee Kun-hee passed away in 2020. Leaving his son, Jay Y. Lee, also known as Lee Jae-Yong, a South Korean businessman and the current chairman of Samsung Group.
What about the current owner of Samsung?
Jay Y. Lee began his career at Samsung Group in 1991 and has held various leadership positions within the company.
In 2014, he was appointed as the chief operating officer of Samsung Electronics, the company’s flagship subsidiary. Then, in 2016, he was appointed as the vice chairman of Samsung Group, taking over from his father, who was incapacitated at the time.
Samsung’s New Leadership
In 2022, Samsung Electronics finally announced that Lee had been named as the Executive Chairman of Samsung. This move officially raised him to the position of leader of the South Korean technology and industrial giant. A role he had been serving in a de facto capacity for some time.
This announcement solidified his position as the head of the company and continues the legacy of the Lee family in leading Samsung.
What are Lee’s most significant contributions to Samsung?
Under Jay Y. Lee’s leadership, Samsung Group has continued to expand and diversify its business.
He has focused on expanding Samsung’s semiconductor and display businesses, which have been major sources of growth for the company. He has also led Samsung’s efforts to develop new technologies, such as 5G and artificial intelligence.
Jay Y. Lee is also known for his focus on corporate social responsibility. He has implemented several social welfare programs for Samsung’s employees, and he has worked to improve the lives of the communities where the company operates.
Now that I’ve answered who owns Samsung, let’s talk more about the…
Previous Owners of Samsung
As mentioned, Lee Kun-hee was a South Korean businessman and chairman of Samsung Group. As the son of Samsung Group’s founder, Lee Byung-Chul, he took over the leadership of the company after his father’s death in 1987.
He also made strategic acquisitions, such as the purchase of the semiconductor company AST, which helped Samsung become a leader in the memory chip market.
His main contribution?
Focusing on design and brand, he recognized the importance of design in differentiating Samsung’s products and in building a strong brand. He also established a strong corporate culture that emphasized innovation, creativity, and quality.
Who Founded Samsung?
In 1938, Lee Byung-Chul founded Samsung Group as a small trading company in the city of Taegu. The company initially focused on exporting goods such as textiles and dried fish, but it quickly expanded into other industries, including insurance, securities, and retail.
In the 1960s, Samsung began to focus on the electronics industry, which would become the company’s main source of revenue and growth.
Lee passed away in 1987, but his legacy lives on through Samsung Group, which is still owned and controlled by his family. He is widely regarded as one of the most influential figures in the country’s history.
Has Samsung Had Legal Issues?
Despite his father facing several legal battles and criticism for labor practices and environmental records, Lee’s leadership helped the company to overcome these challenges and continue to grow.
However, Jay Y. Lee has faced legal challenges again…
In 2017, he was arrested and charged with bribery, embezzlement, and other charges. All in connection with a political scandal involving the former president of South Korea.
He was convicted in 2018, but his sentence was later reduced and suspended on appeal.
Some More Interesting History About Samsung
The company started as a small trading company, but it quickly expanded into various industries, including textiles, insurance, securities, and retail.
In the early 1960s…
Samsung began to focus on the electronics industry and started to produce black-and-white televisions, which became very popular in South Korea. The company continued to expand and diversify its product line, and by the 1970s, Samsung had become one of the largest electronics manufacturers in the world.
Then in the 1980s…
Samsung began to expand globally, opening manufacturing and research facilities in Europe, Asia, and the Americas. The company also began to invest heavily in research and development, which helped it to stay at the forefront of technology and innovation.
Cut to the 1990s…
Samsung faced several legal battles, including a patent dispute with Sony. Plus, as mentioned, the company also faced criticism for its labor practices and environmental record, but it was able to overcome these challenges and continue to grow.
And today…
Samsung is one of the largest and most successful companies in the world. With a diverse product line that includes smartphones, televisions, home appliances, and semiconductors.
In terms of finances, Samsung is also one of the most profitable companies in the world, too. To illustrate, in 2020, Samsung reported KRW 236.81 trillion in revenue and KRW 35.99 trillion in operating profit, which means they are operating at around 15% profit which is incredible for a company of this size producing physical product.
The company is also one of the most valuable brands in the world, with a brand value of over $70 billion.
What’s Next for Samsung?
Samsung has been investing heavily in new technologies such as AI, 5G, and the internet of things. The company is also working on developing new products and services, such as smart homes, self-driving cars, and virtual reality.
Samsung has also announced plans to expand its renewable energy business and reduce its carbon footprint.
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Ok, back to today’s question…
Final Thoughts
Samsung is a South Korean multinational electronics company founded by Lee Byung-Chul in 1938. The company started as a small trading company. But it quickly expanded into various industries, including textiles, insurance, securities, and retail.
It is currently still owned by the Lee family, who holds a controlling stake in the company. Taking a look at the history of the Lee ownership of Samsung, it’s doubtful ownership would change anytime in the near future.
Enjoy your Samsung products!
