Ilhan New

Pharmaceuticals. Ilhan New returned from the United States and founded Yuhan Corporation in Seoul in 1926, under Japanese colonial rule, to make medicines for Koreans. He was also active in the independence movement. Unusually for Korean business, he handed management to professionals rather than his family and left his shares to education and welfare foundations, a model often cited as the opposite of chaebol succession. He died in 1971.