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Fortune names S Korea's Yun Jong Yong Asia's

businessman of the year

HONG KONG: Samsung electronics chief executive Yun Jong Yong has been named fortune's 1999 Businessman of the Year in Asia.

Yun is the third executive in Asia to receive the award, following in the footsteps of Singapore Airlines CEO Cheong Choong Kong, (1998's selection) and the inaugural choice of Sony President Nobuyki Ide for 1997. In determining the criteria for the selection, Fortune editors not only assess a manager's long-term financial performance, but also take into account such attributes as people management skills, technological capabilities and a vision for the future. To be eligible, an executive must run a company with at least $350 million in sales.

In a year of remarkable recovery in Asia, Yun has stood out, using the Asian financial crisis as a prod to transform Samsung Electronics into a leaner and more efficient competitor. A commitment to radical restructuring, coupled with a willingness to challenge Korea's traditional business traditions has helped Yun capture new clients with big orders Ñ including Dell, Apple and Sprint PCs.

Besides Yun, Fortune has identified three businessmen in Asia who deserve honorable mentions for their management skills and financial performances in the past year. Liu Chuanzhi, CEO of Legend Group, Morris Chang who led Taiwan Semiconductor to record profits, and John Olds, who is turning around the Development Bank of Singapore, all exemplified leadership and creativity Ñ helping to improve competitiveness, boost profits, and position their companies for long term growth.ÑPR