Chung Ju-yung
Chung Ju-yung | |
---|---|
정주영 | |
Kangwon Province, North Korea) | |
Died | 21 March 2001 | (aged 85)
Nationality | South Korean |
Occupation | Entrepreneur |
Known for | Founder and honorary chairman of Hyundai |
Spouse | Byun Joong-seok |
Children | 11 (8 sons and 3 daughters) |
Korean name | |
Hangul | 정주영 |
Hanja | |
Revised Romanization | Jeong Ju-yeong |
McCune–Reischauer | Chŏng Chuyŏng |
Art name | |
Hangul | 아산 |
Hanja | |
Revised Romanization | Asan |
McCune–Reischauer | Asan |
Chung Ju-yung or Jung Joo-young (
Chung's business ventures steered through the tumultuous times of Japanese colonial rule in Korea as well as the post-Korean War stresses on the economy. Chung explained his success in his statement: "Our people succeeded because they devoted their enterprising spirits. They used the forces of other mind. Conviction ... creates indomitable efforts. This is the key to (true) miracles ... Man's potential is limitless."[1]
Biography
Early life
Chung Ju-yung was born in
Chung's talent for
First escape attempt
At the age of sixteen, Chung and a friend decided to travel to the city of
Second escape attempt
The journey that Chung and his friend had embarked on made him realize his passion for
The journey seemed destined for failure, especially since one of the boys was caught by a sibling early on. More misfortune came upon them when Chung and his friend were conned by a stranger who promised them jobs but instead took all of their money. The journey came to an end when Chung's father found the two staying at Chung's grandfather's house nearby.Third escape attempt
Chung once again found himself in Asan, where he remained for a year helping his father work on the family farm. Once his duties to the family were complete, Chung decided it was time to make another attempt at getting out of poverty. He managed to get a train ticket for 70 won by selling one of his father's cows.[3][5] Once he arrived in Keijō, Chung enrolled himself in a local bookkeeping school hoping to start a career as an accountant. Things went smoothly for two months when his father managed to find him and after a mild argument, took him back to Gasan.
Rice merchant
In 1933,[5] at age 18, Chung decided to make a fourth escape. He left during the night with a friend who was trying to escape a forced marriage.[3] Once Chung reached the capital, he jumped at any job he could find. He worked first as a laborer at Jinsen Harbor (Incheon, currently in South Korea),[3][5] a construction worker at Boseong Professional School and as a handyman for a starch syrup factory.[3][5]
After working at the factory for nearly a year, Chung landed a job as a
In 1937, the store owner became ill and decided to give the store to Chung. At 22, Chung became the owner and renamed the store to Kyungil Rice Store.[3][5] The store grew and made good profits until early 1939 when Japan, in its war efforts to secure rice supplies for the country and its military, imposed an oppressive rice-rationing system which forced Korean businesses out of trading rice.[5]
Creation of Hyundai
A-do Service Garage
Chung returned to his
Hyundai
In 1946, after the
During the
From then on, Chung continued to grow and diversify the company into one of South Korea's major chaebol (conglomerate). With no experience in shipbuilding, he created the Ulsan shipyard, the largest shipyard in the world. The first vessel was completed in three years (rather than the expected five) as Chung had the shipyard and vessel built simultaneously. He introduced the Hyundai Pony in 1975 and the Hyundai Excel in 1986 using European expertise.[6][7]
Later years
From the 1980s until recently, the Hyundai Group was split into many satellite groups. Chung had a very successful career. In
Chung's philanthropy distinguished him from the other businessmen of his generation. In 1977, he founded the Asan Foundation with a scope of activities comparable to those of the Ford or Rockefeller foundations. The foundation was organized into four major areas of service: medical support, social welfare, research and development, and a scholarship fund. Through its efforts, the foundation established nine hospitals throughout South Korea, built Ulsan Medical College, and funded the Asan Life Sciences Research Institute. The foundation also initiated cooperative arrangements between industry and academic institutions by supporting such academic research as the Sinyoung Research Fund.
In 1982, Chung received the Golden Plate Award of the American Academy of Achievement.[11]
Political activities
Chung is credited with successfully lobbying for South Korea to host the 1988 Summer Olympics. This success highlighted the accomplishments of his generation in the eyes of the world and became a source of great pride to the people of Seoul. In 1992 the International Olympic Committee awarded Chung an IOC Medallion for his contributions to sports as a vehicle of international understanding.
Chung ran unsuccessfully as a Unification National Party presidential candidate for the 1992 South Korean presidential election.
Chung also worked to normalize relations between the two Koreas. In 1998, at the age of 82, he worked with the South Korean government to provide economic assistance to the North. President Kim Dae-jung wanted to provide a $100 million donation as a way to jump-start economic development in North Korea under his Sunshine Policy. However, Kim could not find a legal way to transfer the funds. He turned to Chung, who was already negotiating a large program with the North. Kim persuaded Chung to increase his investment by $100 million with money from secret loans provided by the government-controlled Korea Development Bank. The historic 2000 inter-Korean summit took place, with Chung traveling across the border in a motorcade of cars containing some 1001 "unification cows" as a gift to the North Korean people.
Death
Chung died in 2001 at the age of 85 of
Legacy
As one of the most recognized and admired business men in Korean history, Chung's identity still pervades modern Korean society and industry. Business-related events emphasizing creativity and innovation have been named after him.[15] Much of the current success of Hyundai is widely attributed to Chung's insight and resolution, ideals that the contemporary Hyundai leadership vow to keep.[16]
Books
- Trials May Not Fail (시련은 있어도 실패는 없다)
- Born in This Land (이 땅에 태어나서)
- Your Lips Need to Burn if You Plan to Succeed (입이 뜨거워야 성공할 수 있다)[17]
Family
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Chung Ju-yung had five brothers and one sister; he had eight sons and one daughter with his wife.[18] In addition, he had two illegitimate daughters with a younger woman, with whom he started a relationship in 1973; these daughters were not acknowledged until after his death.[19][20]
Brothers
- Chung In-yung (1920–2006). After leaving the Hyundai Group, he founded the Halla Group, whose interests included Mando Machinery, Halla Cement, Halla Construction, Halla Heavy Industries, and Halla Climate Control Corp.[21][22]
- Chung Soon-Yung (1925–2015). After working for Hyundai Engineering & Construction he ventured by taking Hyundai Cement with him to form the Sungwoo Business Group, which includes Hyundai Cement, Hyundai Welding, Sungwoo Automotive.
- Chung Se-yung (1928–2005). Founder of Hyundai Motor. Left the Hyundai Group with Hyundai Development Co., Ltd., the leading housing builder in Korea.[23][24]
- Chung Shin-yung (1931–1962). Died in a car accident in Germany while working as a journalist for a Korean newspaper company. His only son, Chung Mong-hyuk, ran Hyundai Oilbank, the third largest oil refiner in Korea.
- KCC Chemical(Keumkang) group, Korea's leading paint and glass maker.
Children
This section needs additional citations for verification. (May 2019) |
- Chung Mong-pil (1934–1982). Died in a car accident in Gimcheon, in a Hyundai-built Ford Granada,[25] on the Gyeongbu Expressway leaving two daughters.
- Hyundai Kia Automotive Group, the second largest business group in Korea. Assumed control of Hyundai Engineering & Construction in 2011.[26]
- Chung Mong-kun (1942–). Currently the chairman of the Hyundai Department Store Group, one of the largest retailers in South Korea.
- Chung Kyung-hee (1944–). The only daughter of Chung ju-yung and Byeon Joong-seok.
- Hyundai Kia Automotive Group.
- Chung Mong-hun (1948–2003). Former chairman of the Hyundai Group and heir apparent to his father before he committed suicide in August 2003; this left his wife Hyun Jeong-eun (1956–) in control of the Hyundai Group.
- Hyundai Heavy Industries,[26] the world's largest shipbuilding firm, as well as vice-chairman of FIFA.
- Chung Mong-yoon (1955–). Chairman of Hyundai Marine & Fire Insurance, Korea's third largest non-life insurer.
- Chung Mong-il (1959–). Former chairman of Hyundai Merchant Bank and Kangwon Bank.
- Chung Chung-in (Grace Jeong; 1979–), actress.[19][20]
- Chung Chung-im (Elizabeth Jeong; 1981–), advertiser.[19][20]
Nephews
via Chung In-yung (1920–2006)
- Chung Mong-guk.
- Chung Mong-won. Chairman of Halla Group. Recently reacquired Mando Machinery.
via Chung-Soon-yung (1925–2015)
- Chung Mong-sun. Chairman of Sungwoo Group (Hyundai Cement).
- Chung Mong-suk. Chairman of Hyundai Welding Co., Ltd.
- Chung Mong-hoon. Chairman of Sungwoo Hyokwang International Co.
- Chung Mong-yong. Chairman of Sungwoo Automotive.
via Chung Se-yung (1928–2005)
- Chung Mong-gyu. Former Chairman of Hyundai Motor. Current Chairman of Hyundai Development Co., Ltd.
via Chung Shin-yong (1931–1962)
- Chung Mong-hyuk. Former President of Hyundai Oil & Hyundai Petrochemical; current chairman of Hyundai Corporation.
via Chung Sang-yung (1936–)
- Chung Mong-jin. Chairman of KCC.
- Chung Mong-ik. Vice-Chairman of KCC.
- Chung Mong-yeol. President of KCC Construction Co., Ltd.
See also
- Lee Byung-chul (Founder of Samsung)
Notes and references
- ^ Made in Korea: Chung Ju Yung and the Rise of Hyundai. By Richard M. Steers. Pg. 1. 1998.
- ^ "(5) Chung Ju-yung: embodiment of Korea's economic miracle". The Korea Times. 7 September 2011. Retrieved 29 October 2019.
- ^ ISBN 0-415-92050-7.
- )
- ^ a b c d e f g h i Chung ju yung Archived 8 October 2007 at the Wayback Machine
- ^ Autopolis (2011). "1975-1982 Hyundai Pony: An Almost Cinderella Story".
- ^ Autopolis (2011). "https://autopolis.wordpress.com/2011/05/15/1985-1994-hyundai-excel-the-car-that-launched-a-million-ships/".
- ^ a b Amazon (2010). "Korean Founders of Automobile Manufacturers".
- ^ Brooke, James (7 August 2003). "A Suicide and Uncertainty in Korea". The New York Times. Retrieved 30 October 2019.
- OCLC 1244862785.
- American Academy of Achievement.
- ^ 故 정주영 명예회장 묘소 참배하는 이명박 Archived 8 September 2017 at the Wayback Machine; 이제는 새 청사진을 그려야 할 때 Archived 5 November 2005 at the Wayback Machine
- ^ Hyundai's Cornerstone Passes Away; '현대家의 대모' 변중석 여사 영원히 잠들다 Archived 8 September 2017 at the Wayback Machine
- ^ 2,000 Attend Funeral Services for Chung Archived 24 December 2007 at the Wayback Machine
- ^ "제7회 정주영 창업경진대회". 제7회 정주영 창업경진대회. Retrieved 30 January 2019.
- ^ 현대차 연구소 간 이낙연 '故 정주영 회장 혜안과 결단, 자동차 한국신화 만들어'. 서울경제 (in Korean). 30 January 2019. Retrieved 30 January 2019.
- ^ 저, 정주영. 입이 뜨거워야 성공할 수 있다 (in Korean).
- ISBN 0-415-92050-7.
- ^ a b c 김태현 (9 June 2014). "[최초공개] 정주영 '숨겨진 여인' 김경희 40년간 감춘 사랑과 증오 1편" [Chung Ju-yung's 'hidden woman': Kim Kyung-hee; 40 years of hidden love and hate, part 1]. 일요신문 (in Korean). Retrieved 5 January 2022.
- ^ a b c 김태현 (9 June 2014). "[최초공개] 정주영 '숨겨진 여인' 김경희 40년간 감춘 사랑과 증오 2편" [Chung Ju-yung's 'hidden woman': Kim Kyung-hee; 40 years of hidden love and hate, part 2]. 일요신문 (in Korean). Retrieved 5 January 2022.
- ^ Pollack, Andrew (25 January 1998). "A Korean Giant Spins Out of Control". The New York Times. Retrieved 5 January 2022.
- ^ "Pioneer in Hyundai Group Chung In-yung dies at 86". Korea JoongAng Daily. 20 July 2006. Retrieved 5 January 2022.
- ^ Foster-Carter, Aidan (23 May 2005). "Obituary: Chung Se-yung". The Guardian. Retrieved 4 January 2022.
- ^ Thorpe, Norman (23 May 2005). "Hyundai co-founder Chung Se Yung dies". Automotive News Europe. Retrieved 4 January 2022.
- ^ Lee, Ho-jeong (30 November 2009). "Blast From the Past #10: Long before the gallop of Equus, Granada was Korea's luxury car". Korea JoongAng Daily. Retrieved 27 June 2011.
- ^ a b "Family Drama". Forbes. 26 April 2011. Retrieved 5 January 2022.
Further reading
- Kirk, Donald (1994). Korean Dynasty: Hyundai and Chung Ju Yung. Armonk, New York: M.E. Sharpe. ISBN 9789627160304.
- Steers, Richard M. (1999). Made in Korea: Chung Ju Yung and the Rise of Hyundai. New York, NY: Routledge. ISBN 9780415920506.
External links
- (in Korean) Chung Ju-yung
- (in Korean) Chung Ju Yung Cyber Museum
- Schuman, Michael "Chung Ju Yung". Time.
- "Hyundai Group's Honorary Chairman: Autobiography"