Currently helmed by Lee Soo-bin, once the CEO of Samsung Life Insurance, it has been run by generations of one of the world’s wealthiest families, formerly by chairman Lee Kun-Hee, the third son of the founder, Lee Byung-Chull.Many major South Korean corporations such as CJ Corporation, Hansol Group, Shinsegae Group and Joong-Ang Ilbo daily newspaper were previously part of the Samsung Group. Though they are still controlled by ex-Chairman Lee Kun-hee’s relatives, they are no longer officially Samsung affiliates. Some leading companies in South Korea, notably MP3 player manufacturer iriver and search engine portal Naver, were established by ex-Samsung employees.
A large number of South Korean firms, particularly those in the electronics industry, are dependent on Samsung for the supply of vital components or raw materials such as semiconductor chips or LCD panels. This has led to continued allegations of price fixing and monopolistic practices. Samsung Group also owns the Sungkyunkwan University, a major private university in South Korea.Samsung Group accounts for more than 20% of South Korea’s total exports and in many domestic industries, Samsung Group is the sole monopoly dominating a single market, its revenue as large as some countries’ total GDP.
In 2006, Samsung Group would have been the 35th largest economy in the world if ranked, larger than that of Argentina.The company has a powerful influence on the country’s economic development, politics, media and culture, being a major driving force behind the Miracle on the Han River; many businesses today use its international success as a role model.The Samsung Group (Korean: 삼성 그룹) is a multinational conglomerate corporation headquartered in Samsung Town, Seoul, South Korea. It is the world’s largest conglomerate by revenue with an annual revenue of US $173.4 billion in 2008 and is South Korea’s largest chaebol. The meaning of the Korean hanja word Samsung (三星) is “tristar” or “three stars”.
The Samsung Group is composed of numerous international affiliated businesses, most of them united under the Samsung brand including Samsung Electronics, the world’s largest electronics company,Samsung Heavy Industries, the world’s second largest shipbuilder and Samsung C&T, a major global construction company and Samsung Life Insurance, the largest insurance company in Korea.
Samsung has been the world’s most popular consumer electronics brand since 2005 and is the best known South Korean brand in the world. Samsung Group accounts for more than 20% of South Korea’s total exports and is the leader in many domestic industries, such as the financial, chemical, retail and entertainment industries. The company’s strong influence in South Korea is visible throughout the nation, which has been referred to as the “Republic of Samsung”