Yun Jong-Yong

CEO of Samsung Electronics Company

Yun Jong-Yong, CEO of Samsung Electronics Company since December 1996, led the company to the forefront of the highly competitive consumer electronics industry, surpassing major rivals Sony and Nokia in market value by early 2004. On April 14, 2004, South Korea’s Daishin Securities reported that the market capitalization of the South Korean electronics giant had exceeded $88 billion, compared to Nokia’s $80 billion and Sony’s $39 billion.

Samsung Electronics not only rose to international prominence but also elevated its parent company, Samsung Group, to the number one spot in South Korea—an achievement of great significance in Korea’s business rankings. Thanks largely to Yun’s leadership and his strong implementation of industrial engineering (IE) principles, Samsung Group ranked at the top of South Korea’s industrial conglomerates. In many ways, the Asian financial crisis of the late 1990s helped pave the way for Samsung’s ascent in South Korea’s increasingly tech-driven economy.

When the massive recession finally ended in 2001, Hyundai had fallen from its leading position, and the number-three conglomerate, Daewoo, had essentially collapsed under a wave of scandals. Between 1997 and 2002, 19 of South Korea’s 30 major firms had failed, while Samsung surged to the top. By late 2003, Samsung accounted for approximately 25% of South Korea’s GDP and 20% of the country’s total exports.