Samchuly Group has started to fully implement 'third-generation cousin management' after surpassing annual revenue of 6 trillion won.
The protagonists are Lee Eun-baek (52), president of strategic management at Samchuly Group, and Lee Eun-sun (43), vice president in charge of future business. The two are cousins.
President Lee Eun-baek is the son of the late Lee Jang-kyun, founder of Samchuly Group, and the late Lee Cheon-deuk, and he was appointed to the position of head of group strategy in November last year. At the same time, Executive Director Lee Eun-sun was promoted to vice president in charge of future business. She is the third daughter of Lee Man-deuk (69), honorary chairman and second son of the founder. She is the only one of the chairman's three daughters participating in group management.
Samchuly Group, celebrating its 70th anniversary this year, appears to have established a structure where Honorary Chairman Lee manages the entire operation, with his nephews, President Lee Eun-baek and daughter Vice President Lee Eun-sun, preparing for a new leap.
◇ Ranked 54th in business community…Samchuly, ST International 'two families under one roof'
Founded in 1955, Samchuly Group, which started as Samchuly YonTan, has grown into the 54th largest group in the business community with total assets of 9.428 trillion won. Total sales reached 6.442 trillion won.
Currently, Samchuly Group operates in the energy sector, including city gas, district energy and power generation, as well as the lifestyle and cultural sector, including dining and automobile dealerships, and the financial sector, including asset management.
Samchuly Group has a unique governance structure. The late Lee Jang-kyun and Yoo Sung-yeon, the founding partners, built the group, which is further divided into two families.
The core subsidiary of the group, the city gas company Samchuly, is led by the Lee Jang-kyun family, while another core subsidiary, the overseas resource development and investment management company ST International, is led by Yoo Sung-yeon's eldest son, Chairman Yoo Sang-deok.
Currently, the two families hold approximately 19.5% shares each in Samchuly and ST International. This allows them to discuss significant company decisions together. This is called 'two families under one roof' management system. However, it is a principle that both families focus on managing their respective subsidiaries.
The business community is focusing on the Lee Jang-kyun family, which accounts for more than 60% of Samchuly Group's total sales. Samchuly, the largest domestic city gas company, posted sales of 3.8801 trillion won in 2023 based on separate standards. This is about 9.6 times larger than ST International, which recorded sales of 401.9 billion won during the same period.
In particular, President Lee Eun-baek and Vice President Lee Eun-sun took the lead in group management at the end of last year. Honorary Chairman Lee Man-deuk oversees the overall group management, while younger third generation members seek new growth engines.
◇ Owner's third generation 'strengthening auto dealers and dining'
Both President Lee Eun-baek and Vice President Lee Eun-sun have international backgrounds. President Lee, who holds a Master of Business Administration (MBA) from Pepperdine University, joined Samchuly in 2004 as the head of the planning department. He was later promoted to an executive responsible for overseas operations and focused on the group's overseas business. He became president of the Americas in 2020 and returned to Korea last November to take charge of group strategy responsibilities. He is currently tasked with establishing the group's vision and mid-to-long-term strategy.
Vice President Lee, who majored in economics at UC Berkeley, joined Samchuly in 2010. Since then, she has led the growth of the group's dining business, including the Chinese brand 'Chai797.' She was promoted to vice president in charge of future business last year.
Currently, President Lee and Vice President Lee are focusing on solidifying the core business of city gas and energy while also strengthening domestic and international operations in the lifestyle and cultural sectors such as dining. Recently, they have entered the domestic dealership business for China's leading electric vehicle brand BYD and are preparing for the domestic operation of the famous Japanese sushi restaurant 'Itamae Sushi.'
A Samchuly official noted, 'Samchuly is continuing its growth into various lifestyle areas such as dining and automobiles, following energy.'
In the business community, it is believed that Lee Eun-baek, the eldest grandson of the Samchuly family, will lead the future of Samchuly Group, succeeding Honorary Chairman Lee Man-deuk. He is the largest shareholder with 9.18% ownership of Samchuly, even surpassing the chairman's stake of 8.34%.
Vice President Lee Eun-sun is also expected to play a consistent role within the group. She holds 0.67% of Samchuly's shares. Honorary Chairman Lee's first daughter, Lee Eun-hee, and second daughter, Lee Eun-nam, each also hold 0.67% of Samchuly shares.