Lee, Commemorating the 4th Anniversary of the Late Lee Kun-hee... Reflecting on the 'Seungeobu' Resolution

Memorial Ceremony at Family Ancestral Grave on Morning of 25th
Chairman Lee Jae-yong and Family, Executives Attend
Lunch with Presidents After Ceremony
Attention on Whether Message Will Be Released on 27th Marking 2nd Anniversary of Inauguration

As Samsung Electronics faces an unprecedented crisis, Chairman Lee Jae-yong visited the ‘family ancestral grave’ in Imok-dong, Suwon-si, Gyeonggi-do on the morning of the 25th to commemorate the 4th anniversary of the late Chairman Lee Kun-hee and to reaffirm his vow of ‘Seung-eo-bu’ (勝於父, surpassing the father) made four years ago.

On this day, Chairman Lee gathered with family members, company executives, and associates at the ancestral grave where the late chairman is buried to pay tribute to his spirit. Through the memorial service, Chairman Lee is expected to strengthen his resolve to overcome the company’s crisis through responsible management. Compared to the late chairman Lee Kun-hee, who created the ‘semiconductor myth,’ Chairman Lee appears to be under stronger pressure than ever to fulfill the ‘Seung-eo-bu’ pledge. In his final statement at the December 2020 retrial hearing of the state affairs manipulation case, he mentioned ‘Seung-eo-bu’ and expressed his desire to "create a new Samsung worthy of the nation’s dignity and to honor my father."

On the 25th, the 4th anniversary of the late Lee Kun-hee, Chairman of Samsung Group, a van carrying Samsung executives entered the Samsung family burial site in Jangan-gu, Gyeonggi Province. Photo by Kim Hyun-min

Lee’s Message Likely on the 27th

After the memorial service, Chairman Lee moved to the Changjo Hall within the Samsung Human Resources Development Center in Yongin-si, Gyeonggi-do, where he had lunch with the presidents. The Changjo Hall serves as a training center for new employees and houses a bust of the late chairman. Last year as well, Chairman Lee held a lunch with executives here after the memorial service. Although he did not deliver any particular message during the memorial, there is a possibility that he will speak for the first time about the company’s crisis situation at this venue.

However, inside and outside the company, it is more likely that Chairman Lee will deliver a separate message on the 27th, marking his second anniversary as chairman. Underlying this is the view that, as part of responsible management, Chairman Lee should now take the lead in delivering a message and serving as a focal point for overcoming the crisis. If he issues a message, it is expected to emphasize once again the importance of ‘super-gap technology’ and the need for active investment and challenges to secure market leadership in key areas. Before his promotion to chairman in 2022, at a lunch with subsidiary presidents, he stressed, "Now is the time to be more bold and challenging," adding, "The more difficult and tough the times, the more we must prepare ahead and strengthen our capabilities."

Former Leeum Museum Director Hong Ra-hee and Samsung Electronics Chairman Lee Jae-yong are attending the "Opening Hope Together, Opening the Future" event held on the 21st at the CJ Hall of Seoul National University Children's Hospital in Jongno-gu, Seoul. Photo by Samsung Electronics [Image source=Yonhap News]

Unfading Memorial Spirit for the Late Lee Kun-hee

While the company remains cold amid the semiconductor-triggered crisis theory, the memorial fervor honoring the late chairman’s will has not cooled this year either. Initially, the business community widely expected that the 4th anniversary memorial event for the late chairman would be quietly held on a reduced scale, given the spotlight on Samsung Electronics’ ‘semiconductor crisis theory.’ However, the actual event atmosphere is similar to previous years.

On the afternoon before the memorial service, a concert commemorating the 4th anniversary of the late chairman was held at the Samsung Electronics Talent Development Center in Yongin-si, Gyeonggi-do. Many attendees included Chairman Lee, family members, Samsung presidents, and employees. An event reflecting on the late chairman’s emphasis on ‘service and companionship’ to society during his lifetime was also held on the 21st at Seoul National University Children’s Hospital in Jongno-gu, Seoul. The Seoul National University Hospital Pediatric Cancer and Rare Disease Support Project Team held the event titled ‘Opening Hope Together, Opening the Future’ to review the achievements of the Lee Kun-hee Pediatric Cancer and Rare Disease Overcoming Project, which began with the late chairman’s donation in 2021. This project started with a donation of 300 billion KRW from the late chairman and has so far allocated 150 billion KRW to pediatric cancer projects, 60 billion KRW to pediatric rare disease research, and 90 billion KRW to support children with rare diseases such as Crohn’s disease. Through this project, 9,521 pediatric cancer and rare disease patients have been diagnosed, and 3,892 patients have received treatment. Chairman Lee and Hong Ra-hee, former director of the Samsung Museum of Art Leeum, also attended this event.