Chung Ju-yung
정주영
Chung Ju-yung
Chung during an interview at Panmunjom in October 1998.
Born(1915-11-25)25 November 1915
Tsusen, Kogen, Japanese Korea
(today T'ongch'on, Kangwon Province, Democratic People's Republic of Korea)
Died21 March 2001(2001-03-21) (aged 85)
Songpa District, Seoul, South Korea
NationalitySouth Korean
OccupationBusinessman
Known forFounder and honorary chairman of Hyundai
SpouseByun Joong-seok
Children11 (8 sons and 3 daughters)
Korean name
Hangul
Hanja
Revised RomanizationJeong Ju-yeong
McCune–ReischauerChŏng Chuyŏng
Art name
Hangul
Hanja
Revised RomanizationAsan
McCune–ReischauerAsan

Chung Ju-yung or Jung Joo-young (Korean: 정주영; 25 November 1915 – 21 March 2001), was a South Korean entrepreneur, businessman and the founder of Hyundai Groups, one of the largest chaebols in South Korea. Raised as the eldest son of a poor Korean farmer, he became the richest man in South Korea. Chung was an integral part to the rapid development of Korea's economy, growing Hyundai Heavy Industries to be the largest ship builder in the world, as well as growing Hyundai Motor Group into the largest automobile manufacturer in Korea, and the third largest in the world. Chung was also a vital contributor to the development of South Korea's infrastructure after the Korean War's destruction of infrastructure, such as constructing the Gyeongbu Expressway in 1970, connecting the capital, Seoul, to the port city of Busan, in alliance with the President Park Chung Hee.

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]

Life

Early life

Chung Ju-yung was born in Tongchon, Kangwondo, Chōsen (today located in Kangwon Province in North Korea). Born to a large impoverished family of peasants, he was the eldest of seven children. As a young boy, Chung dreamed of becoming a school teacher, but his hopes were cut short because the restrictive environment at the time kept the family stuck in poverty, effectively keeping Chung away from higher educational opportunities.[2] Despite the setbacks, Chung was able to attend a local Confucian school run by his grandfather whenever his time was not taken up by tasks on the family farm.[3]

Chung's talent for business became apparent during his trips into town where he would sell wood.[4] The fast-paced atmosphere of the town along with the articles in newspapers Chung read sparked his imagination; he soon grew tired of the poverty that he and his family had to endure.

First escape attempt

At the age of sixteen, Chung and a friend decided to travel to the city of Seishin (Chongjin, currently in North Korea) for work in hopes of escaping the harsh realities of farm life.[3][5] After a 15-mile trek through the most dangerous parts of the Paechun valley, the pair reached the town of Kōgen (Kowon, currently in North Korea) where they took up jobs as construction workers.[3] They worked long hours for low pay but Chung enjoyed that he could earn money independently. Chung and his friend continued the work for two months until Chung's father learned of their whereabouts.

Second escape attempt

The journey that Chung and his friend had embarked on made him realize his passion for civil engineering and gave him a sense of accomplishment. Once he returned to his home village of Gasan-ri in Tsūsen-gun, he devised another escape plan: this time towards Keijō (formerly Hanseong, currently Seoul). With two companions, Chung left for Keijō in April 1933.[3] 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 the age of 18, Chung decided to make a fourth attempt to escape. He left during the night with a friend who was trying to escape a forced marriage.[3] Once Chung reached Keijō, 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 syrup factory for nearly a year, Chung managed to land a job as a deliveryman at the Bokheung Rice Store in Keijō.[3][5] Chung's new job offered him room for advancement and as he became more successful at it, he decided to stay on full-time. He eventually won the praise of the rice store's core customers which impressed the owner so much that he allowed Chung to manage the store's accounting after only six months on the job. His experiences as the store accountant helped him to thoroughly develop his business sense.

In 1937, the owner of the rice store became ill and decided it would be in his best interest to give the store to Chung. At 22 years of age, Chung became the store owner and changed the name of 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 village once his business failed and remained there until 1940, when he decided to try again in Keijō. After considering the reality of restrictions imposed on Koreans in certain industries by the Japanese colonial government, Chung decided to enter the automobile repair business. Using a service garage he purchased from a friend, Chung started the A-do Service Garage on a 3,000 won loan. Within three years, the number of employees grew from 20 to 70 and Chung was able to earn a good income. In 1943, the Japanese colonial government forced the garage to merge with a steel plant as part of the war effort.[3][5] Although his businesses were shut down due to suppression by the Japanese, Chung returned to Gasan with 50,000 yen in savings to try to make the best of the situation.[3]

Hyundai

In 1946, after the liberation of Korea from Japanese control, Chung started Hyundai and Hyundai Civil Industries in anticipation of the post-war reconstruction and industrialization. Chung won major government contracts and became responsible for building much of South Korea's transportation infrastructure, including the Soyang Dam in 1967, the Gyeongbu Expressway in 1970, the world's largest shipyard in Ulsan, the Kori Nuclear Power Plant among others. Chung also won contracts from the United States Forces Korea to build facilities for their personnel as his younger brother could speak English and was on good terms with the U.S. Army engineers.

During the North Korean invasion of 1950, Chung abandoned his construction projects and fled with his younger brother to Busan for safety. His son, Chung Mong-joon was born there. Chung continued to build onto the company by gathering any kind of work he could get from the United Nations Command and the Korean Ministry of Transportation.[3] Once Seoul was retaken by U.N. forces, Chung reestablished the company and continued to gather more work from the Americans.

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 Seosan, he carried out a successful reclamation project, using a decommissioned oil tanker as a cofferdam.[8] In 1998, he herded 1,001 cows through the Korean Demilitarized Zone to North Korea, which he claimed was a repayment 1,000 times over for a cow he took to afford his ticket when he escaped his father's farm.[9] Chung was the first civilian to cross the Korean DMZ since the division of Korea.[10] He was the first to propose the Geumgangsan sightseeing excursions.[8] He founded the Hyundai Heavy Steel Company which developed a non-dock ship-making method.

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 natural causes at his home in Seoul, and he was buried in accordance to Buddhist and Confucian customary rites.[12] His wife, Byun Joong-seok, died on 17 August 2008, at the age of 88, due in part to long-term heart complications,[13] and was buried in a family graveyard in Hanam, along with her husband and their son.[14]

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

Family of Chung Ju-yung
Han Seong-sil
한성실
?		Chung Bong-sik
정봉식
?
 
YungByun Joong-seok
변중석
1921–2007		Chung Ju-yung
정주영
1915–2001		Kim Kyung-hee
김경희
1953–		Park Byeong-im
박병임
1928–2015		Chung Soon-yung
정순영
1922–2005		Park Young-ja
박영자
1936–		Chung Se-yung
정세영
1928–2005		Jo Eun-ju
조은주
1936–		Chung Sang-yung
정상영
1936–2021
(영)
[lower-alpha 1]Kim Wol-gye
김월계
1923–2003		Chung In-yung
정인영
1920–2006		Chung Hee-yung
정희영
1925–2015		Kim Young-joo
김영주
1920–2010		Jang Jeong-ja
장정자
1935–		Chung Shin-yung
정신영
1931–62
 
 
 Chung Mong-pil[lower-alpha 2]
정몽필
1934–82		Chung Chung-in (Grace)
정정인
1979–		Chung Chung-im (Elizabeth)
정정임
1981–		Chung Hyeong-suk
정형숙
1951–74		Chung Moon-sook
정문숙
1947–		Kim Yun-su
김윤수
1946–		Chung Sook-young[lower-alpha 3]
정숙영
1960–		Chung Il-kyung
정일경
1960–		Chung Mong-hyuk
정몽혁
1961–
 
MongChung Mong-koo[lower-alpha 4]
정몽구
1938–		Chung Mong-woo[lower-alpha 5]
정몽우
1945–90		Chung Mong-yoon[lower-alpha 6]
정몽윤
1955–		Chung Mong-guk[lower-alpha 7]
정몽국
1953–		Chung Mong-sun
정몽선
1954–		Kim Geun-su
김근수
1948–		Chung Mong-jin
정몽진
1960–		Chung Mong-yeol
정몽열
1964–
(몽)
[lower-alpha 8]Chung Mong-kun[lower-alpha 9]
정몽근
1942–		Chung Mong-hun[lower-alpha 10]
정몽헌
1948–2003		Chung Mong-il[lower-alpha 11]
정몽일
1959–		Chung Mong-won[lower-alpha 12]
정몽원
1955–		Chung Mong-hoon
정몽훈
1959–		Chung Chung-suk
정정숙
1962–		Chung Mong-ik
정몽익
1962–
 
 Chung Kyung-hee[lower-alpha 13]
정경희
1944–		Chung Mong-joon[lower-alpha 14]
정몽준
1951–		Chung Mong-seok
정몽석
1958–		Chung Mong-yong
정몽용
1961–		Chung Mong-gyu[lower-alpha 15]
정몽규
1962–		Chung Yoo-kyung
정유경
1970–
 
 
 
 
 Chung Ji-yi
정지이
1977–		Chung Young-yi
정영이
1984–		Chung Young-seon
정영선
1985–		Chung Hyeon-seon
정현선
1989–		Chung Mun-yi
정문이
1991–
 
 Chung Il-seon
정일선
1970–		Chung Moon-seon
정문선
1974–		Chung Dae-seon[lower-alpha 16]
정대선
1977–		Chung Chung-yi
정정이
1984–		Chung Kyung-seon
정경선
1986–
Seon
(선)Chung Ji-seon
정지선
1972–		Chung Gyo-seon
정교선
1974–		Chung Ki-seon
정기선
1982–		Chung Nam-yi
정남이
1983–		Chung Seon-yi
정선이
1986–		Chung Ye-seon
정예선
1996–
[lower-alpha 17]
 
 Chung Eun-hee
정은희
1971–		Chung Yu-hee
정유희
1973–		Chung Seong-yi[lower-alpha 18]
정성이
1962–		Chung Myeong-yi[lower-alpha 19]
정명이
1964–		Chung Yoon-yi[lower-alpha 20]
정윤이
1968–		Chung Eui-seon[lower-alpha 21]
정의선
1970–
 
 
 Seon A-yeong[lower-alpha 22]
선아영
1987–		Seon Tong-uk[lower-alpha 23]
선동욱
1989–		Sin U-jin
신우진
1993–		Sin U-hyeon
신우현
2004–
N/A
 Chung Yu-mi
정유미
1988–		Chung Yu-jin
정유진
1990–		Chung Jun[lower-alpha 24]
정준
1997–		Sin U-taek
신우택
1996–		Chung Jin-hui
정진희
1996–		Chung Chang-cheol
정장철
1998–
 
Notes
In general: marriages indicated by dashed lines, female on the left.
  1. ↑ Given name terminates in -yung (영) for males and females in this generation
  2. ↑ Married to Lee Yang-ja (이양자; 1943–90)
  3. ↑ Married to Prof. Noh Kyung-soo (노경수; 1954–)
  4. ↑ Married to Lee Jung-hwa (이정화; 1939–2009)
  5. ↑ Married to Lee Haeng-ja (이행자; 1945–)
  6. ↑ Married to Kim Hye-young (김혜영; 1961–)
  7. ↑ Married to Lee Yoon-hee (이윤희; 1954–)
  8. ↑ Given name starts with Mong- (몽) for males in this generation. Female given names often start with Chung- (정), but not always.
  9. ↑ Married to Woo Kyung-sook (우경숙; 1951–)
  10. ↑ Married to Hyun Jeong-eun (현정은; 1955–)
  11. ↑ Married to Kwon Jun-hee (권준희; 1961–)
  12. ↑ Married to Hong In-hwa (홍인화; 1957–)
  13. ↑ Married to Jung Hee-young (정희영; 1940–)
  14. ↑ Married to Kim Young-myeong (김영명; 1956–)
  15. ↑ Married to Kim Na-young (김나영)
  16. ↑ Married to news anchor Noh Hyeon-jeong (노현정, 1979–)
  17. ↑ Given name terminates in -seon (선) for males in this generation. Female given names usually terminate in -yi (이), but not always.
  18. ↑ Married to Daejeon Sun Hospital chief director Seon Du-hun (선두훈, 1957–)
  19. ↑ Married to Hyundai Card vice chairman Chung Tae-yeong (정태영, 1960–)
  20. ↑ Formerly married to Samwoo vice-chairman Sin Seong-jae (신성재, 1968–)
  21. ↑ Married to Chung Do-won's daughter Chung Ji-seon (정지선, 1970–)
  22. ↑ Married to Gil Yong-wu's son Gil Seong-Jin (길성진, 1984–)
  23. ↑ Married to Chae Hyeong-seok's daughter Chae Su-yeon (채수연, 1990–)
  24. ↑ Married to professional golfer Lydia Ko (리디아 고, 1997–)
Sources
  • 김봄내 (15 May 2015). "[재벌가족사]정주영 현대그룹 창업주" [Chaebol Family History: Chung Ju-yung, founder of Hyundai Group]. KJtimes (in Korean).
  • 김태현 (23 March 2015). "[단독보도] 정주영 막내딸 미국서 엄마 없이 결혼" [Exclusive: Chung Ju-yung's youngest daughter gets married without her mother in the United States]. 일요신문 (in Korean).
  • "Family Drama". Forbes. 26 April 2011.

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.
  • Chung Sang-yung (1936–2021). Founder of the KCC Chemical (Keumkang) group, Korea's leading paint and glass maker.

Children

Nephews

via Chung In-yung (1920–2006)

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

Notes and references

  1. ↑ Made in Korea: Chung Ju Yung and the Rise of Hyundai. By Richard M. Steers. Pg. 1. 1998.
  2. ↑ "(5) Chung Ju-yung: embodiment of Korea's economic miracle". The Korea Times. 7 September 2011. Retrieved 29 October 2019.
  3. 1 2 3 4 5 6 7 8 9 10 11 12 13 Richard M. Steers (1999). Made In Korea: Chung Ju Yung and the rise of Hyundai. Routledge. ISBN 0-415-92050-7.
  4. ↑ Kirk, Donald, 1938- (2015). Korean dynasty : Hyundai and Chung Ju Yung. London: Routledge. ISBN 9781315483191. OCLC 959150941.{{cite book}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
  5. 1 2 3 4 5 6 7 8 9 Chung ju yung Archived 8 October 2007 at the Wayback Machine
  6. ↑ Autopolis (2011). "1975-1982 Hyundai Pony: An Almost Cinderella Story".
  7. ↑ Autopolis (2011). "https://autopolis.wordpress.com/2011/05/15/1985-1994-hyundai-excel-the-car-that-launched-a-million-ships/".
  8. 1 2 Amazon (2010). "Korean Founders of Automobile Manufacturers".
  9. ↑ Brooke, James (7 August 2003). "A Suicide and Uncertainty in Korea". The New York Times. Retrieved 30 October 2019.
  10. ↑ Cha, Victor D. (2013). The Impossible State: North Korea, Past and Future. Internet Archive. New York: Ecco. pp. 386–387. ISBN 978-0-06-199850-8. LCCN 2012009517. OCLC 1244862785.
  11. ↑ "Golden Plate Awardees of the American Academy of Achievement". www.achievement.org. American Academy of Achievement.
  12. ↑ 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
  13. ↑ Hyundai's Cornerstone Passes Away; '현대家의 대모' 변중석 여사 영원히 잠들다 Archived 8 September 2017 at the Wayback Machine
  14. ↑ 2,000 Attend Funeral Services for Chung Archived 24 December 2007 at the Wayback Machine
  15. ↑ "제7회 정주영 창업경진대회". 제7회 정주영 창업경진대회. Retrieved 30 January 2019.
  16. ↑ 현대차 연구소 간 이낙연 '故 정주영 회장 혜안과 결단, 자동차 한국신화 만들어'. 서울경제 (in Korean). 30 January 2019. Retrieved 30 January 2019.
  17. ↑ 저, 정주영. 입이 뜨거워야 성공할 수 있다 (in Korean).
  18. ↑ Steers, Richard M. (1999). "11: Passing the Torch". Made in Korea: Chung Ju Yung and the Rise of Hyundai. New York, New York: Routledge. pp. 170–182. ISBN 0-415-92050-7.
  19. 1 2 3 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.
  20. 1 2 3 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.
  21. ↑ Pollack, Andrew (25 January 1998). "A Korean Giant Spins Out of Control". The New York Times. Retrieved 5 January 2022.
  22. ↑ "Pioneer in Hyundai Group Chung In-yung dies at 86". Korea JoongAng Daily. 20 July 2006. Retrieved 5 January 2022.
  23. ↑ Foster-Carter, Aidan (23 May 2005). "Obituary: Chung Se-yung". The Guardian. Retrieved 4 January 2022.
  24. ↑ Thorpe, Norman (23 May 2005). "Hyundai co-founder Chung Se Yung dies". Automotive News Europe. Retrieved 4 January 2022.
  25. ↑ 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.
  26. 1 2 "Family Drama". Forbes. 26 April 2011. Retrieved 5 January 2022.

Further reading

Wikimedia Commons has media related to Chung Ju-yung.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.