Chung Ju-yung

Chung Ju-yung or Jung Joo-young (Korean: 정주영; 25 November 1915 – 21 March 2001) was a South Korean entrepreneur and the founder of Hyundai Group, one of the largest chaebols in South Korea. Raised as the eldest son of a poor Korean farmer, Chung was influential to the rapid development of Korea's economy by founding Hyundai Heavy Industries, developing it into the world's largest shipbuilder, as well as expanding Hyundai Motor Group into the largest automobile manufacturer in Korea and the world's third-largest.^[1][2] Chung also contributed to the development of South Korea's infrastructure after the Korean War. In 1970, together with President Park Chung Hee, Chung connected Seoul and Busan with the Gyeongbu Expressway.

In this Korean name, the family name is Chung.

Chung Ju-yung
정주영
Chung in 1998
Born	(1915-11-25)25 November 1915 Tongchon, Korea, Empire of Japan
Died	21 March 2001(2001-03-21) (aged 85) Songpa District, Seoul, South Korea
Nationality	South Korean
Occupation	Entrepreneur
Known for	Founder and honorary chairman of Hyundai
Political party	Unification National Party
Spouse	Byun Joong-seok
Children	11 (8 sons and 3 daughters)
Korean name
Hangul	정주영
Hanja	鄭周永
RR	Jeong Juyeong
MR	Chŏng Chuyŏng
Art name
Hangul	아산
Hanja	峨山
RR	Asan
MR	Asan

Chung managed his business ventures through the tumultuous times of Japanese colonial rule in Korea and the country's post-war economic stresses. Chung explained his success in his statement: "Our people succeeded because they devoted their enterprising spirits. They used the forces of other minds. Conviction creates indomitable efforts. This is the key to true miracles, man's potential is limitless."^[3]

Biography

Early life

Chung Ju-yung was born into an impoverished family in Tongchon County, Korea, which was part of the Empire of Japan (now Kangwon Province, North Korea). He initially aspired to become a school teacher, but his family lacked the financial means to support his education.^[4]

When not occupied with work on the family farm, Chung attended his grandfather's Confucian school. His business acumen began to show during trips into town, where he sold wood to help support his family.^[5][6]

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, hoping to escape the harsh realities of farm life.^[5][7] After a 15-mile trek through the most dangerous parts of the Paechun Valley, the pair reached the town of Kōgen (Kowon, in North Korea), where they took up jobs as construction workers.^[5] Although they worked long hours for low pay, Chung enjoyed the independence of earning money. 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 undertook contributed to his growing interest in civil engineering and provided a sense of personal accomplishment. Upon returning to his home village of Gasan-ri in Tsūsen-gun, Chung began planning another attempt to leave – this time with the goal of reaching Keijō (formerly Hanseong, currently Seoul). In April 1933, Chung departed for Keijō with two companions.^[5] The journey faced challenges early on, including the apprehension of one of the boys by a family member. Additional difficulties arose when Chung and his friend were deceived by an individual who claimed to offer employment but instead took their money. Chung's father eventually located them, bringing the attempt to an end at his grandfather's nearby residence.

Third escape attempt

Chung returned to Asan, where he spent a year assisting his father on the family farm. After fulfilling his familial responsibilities, he sought another opportunity to escape poverty. To finance his journey, he sold one of his father's cows and purchased a train ticket for 70 won.^[5][7] Once he arrived in Keijō, Chung enrolled in a local bookkeeping school, with the hopes of starting a career as an accountant. Things went smoothly for two months until his father managed to find him again, and, after an argument, took him back to Gasan.

Rice merchant

In 1933, 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. 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), as a construction worker at Boseong Professional School, and as a handyman for a starch syrup factory.^[5][7]

After working at the factory for nearly a year, Chung landed a job as a deliveryman at the Bokheung Rice Store in Keijō.^[5][7] Chung's new job offered him room for advancement and he decided to stay on full time. He was allowed to manage the store's accounting after six months on the job.^{[citation needed]}

In 1937, the store owner decided to give the store to Chung because he had gotten ill. At 22, Chung became the owner and renamed the store to Kyungil Rice Store.^[5][7] The store was growing its profits until early 1939, when Japan, in its war efforts to secure rice supplies for the country and its military, imposed a rice-rationing system that forced Korean businesses out of the rice trade.^[7]

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 restrictions imposed on Koreans in certain industries by the Japanese colonial government, Chung entered 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.^[5][7] Chung returned to Gasan with 50,000 yen in savings despite the Japanese shutting down his businesses.^[5]

Hyundai

In 1946, after the liberation of Korea from Japanese control, Chung launched Hyundai and Hyundai Civil Industries, anticipating the post-war reconstruction and industrialization. Chung won 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^{[citation needed]} shipyard in Ulsan, and the Kori Nuclear Power Plant, among others. Chung also won contracts from the United States Forces Korea to build facilities for their personnel, leveraging his younger brother's proficiency in English and good relationship with U.S. Army engineers.^{[citation needed]}

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.^[5] Once Seoul was retaken by U.N. forces, Chung reestablished the company and continued to gather more work from the Americans.

Chung continued to grow and diversify the company into one of South Korea's chaebols. With no experience in shipbuilding, he created the Ulsan shipyard. 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.^{[8][unreliable source?][9][unreliable source?]}

Later years

From the 1980s until recently, the Hyundai Group was split into many satellite groups. In Seosan, he carried out a reclamation project, using a decommissioned oil tanker as a cofferdam.^[10] 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 left his father's farm.^[11] Chung was the first civilian to cross the Korean DMZ since the division of Korea.^[12] He was the first to propose the Geumgangsan sightseeing excursions.^[10] He founded the Hyundai Heavy Steel Company, which developed a non-dock ship-making method.^{[citation needed]}

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 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.^{[citation needed]}

In 1982, Chung received the Golden Plate Award of the American Academy of Achievement.^[13]

Political activities

Chung is credited with successfully lobbying for South Korea to host the 1988 Summer Olympics. 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. During this time, he was estimated to have a personal wealth of $4 billion, making him the richest man in Korea, though later estimates have placed him considerably lower.^[14]

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 North Korea. 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.^{[citation needed]}

Death

Chung died March 21, 2001, at the age of 85 from pneumonia after receiving at-home treatment for other long-term illnesses.^[15][16] He was buried in accordance to Buddhist and Confucian customary rites.^[17] His wife, Byun Joong-seok, died on 17 August 2008, at the age of 88, due in part to long-term heart complications,^[18] and was buried in a family graveyard in Hanam, alongside her husband and their son.^[19]

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.^[20] Much of the current success of Hyundai is attributed to Chung's insight and resolution, ideals that the contemporary Hyundai leadership vow to keep.^[21]

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)^[22]

Family

Chung family tree  view talk edit

Han Seong-sil 한성실 ? Chung Bong-sik 정봉식 ?   Yung Byun Joong-seok [ko] 변중석 1921–2007 Chung Ju-yung 정주영 1915–2001 Kim Kyung-hee 김경희 1953– Park Byeong-im 박병임 1928–2015 Chung Soon-yung [ko] 정순영 1922–2005 Park Young-ja 박영자 1936– Chung Se-yung [ko] 정세영 1928–2005 Jo Eun-ju 조은주 1936– Chung Sang-yung [ko] 정상영 1936–2021 (영) [a] Kim Wol-gye 김월계 1923–2003 Chung In-yung [ko] 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 [ko][b] 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[c] 정숙영 1960– Chung Il-kyung 정일경 1960– Chung Mong-hyuk 정몽혁 1961–   Mong Chung Mong-koo[d] 정몽구 1938– Chung Mong-woo [ko][e] 정몽우 1945–90 Chung Mong-yoon [ko][f] 정몽윤 1955– Chung Mong-guk[g] 정몽국 1953– Chung Mong-sun 정몽선 1954– Kim Geun-su 김근수 1948– Chung Mong-jin 정몽진 1960– Chung Mong-yeol 정몽열 1964– (몽) [h] Chung Mong-kun [ko][i] 정몽근 1942– Chung Mong-hun[j] 정몽헌 1948–2003 Chung Mong-il [ko][k] 정몽일 1959– Chung Mong-won[l] 정몽원 1955– Chung Mong-hoon 정몽훈 1959– Chung Chung-suk 정정숙 1962– Chung Mong-ik 정몽익 1962–     Chung Kyung-hee[m] 정경희 1944– Chung Mong-joon[n] 정몽준 1951– Chung Mong-seok 정몽석 1958– Chung Mong-yong 정몽용 1961– Chung Mong-gyu[o] 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 [ko] 정일선 1970– Chung Moon-seon 정문선 1974– Chung Dae-seon [ko][p] 정대선 1977– Chung Chung-yi 정정이 1984– Chung Kyung-seon 정경선 1986– Seon (선) Chung Ji-seon [ko] 정지선 1972– Chung Gyo-seon 정교선 1974– Chung Kisun 정기선 1982– Chung Nam-yi 정남이 1983– Chung Seon-yi 정선이 1986– Chung Ye-seon 정예선 1996– [q]     Chung Eun-hee 정은희 1971– Chung Yu-hee 정유희 1973– Chung Seong-yi[r] 정성이 1962– Chung Myeong-yi[s] 정명이 1964– Chung Yoon-yi[t] 정윤이 1968– Chung Eui-seon[u] 정의선 1970–       Seon A-yeong[v] 선아영 1987– Seon Tong-uk[w] 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[x] 정준 1997– Sin U-taek 신우택 1996– Chung Jin-hui 정진희 1996– Chung Chang-cheol 정장철 1998–   view talk edit Notes In general: marriages indicated by dashed lines, female on the left. Given name terminates in -yung (영) for males and females in this generation Married to Lee Yang-ja (이양자; 1943–90) Married to Prof. Noh Kyung-soo [ko] (노경수; 1954–) Married to Lee Jung-hwa (이정화; 1939–2009) Married to Lee Haeng-ja (이행자; 1945–) Married to Kim Hye-young (김혜영; 1961–) Married to Lee Yoon-hee (이윤희; 1954–) Given name starts with Mong- (몽) for males in this generation. Female given names often start with Chung- (정), but not always. Married to Woo Kyung-sook (우경숙; 1951–) Married to Hyun Jeong-eun [ko] (현정은; 1955–) Married to Kwon Jun-hee (권준희; 1961–) Married to Hong In-hwa (홍인화; 1957–) Married to Jung Hee-young (정희영; 1940–) Married to Kim Young-myeong (김영명; 1956–) Married to Kim Na-young (김나영) Married to news anchor Noh Hyeon-jeong [ko] (노현정, 1979–) Given name terminates in -seon (선) for males in this generation. Female given names usually terminate in -yi (이), but not always. Married to Daejeon Sun Hospital chief director Seon Du-hun (선두훈, 1957–) Married to Hyundai Card vice chairman Chung Tae-yeong (정태영, 1960–) Formerly married to Samwoo vice-chairman Sin Seong-jae (신성재, 1968–) Married to Chung Do-won's daughter Chung Ji-seon (정지선, 1970–) Married to Gil Yong-wu's son Gil Seong-Jin (길성진, 1984–) Married to Chae Hyeong-seok's daughter Chae Su-yeon (채수연, 1990–) 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.^[23] In addition, he had two daughters with a younger woman, with whom he started a relationship in 1973; these daughters were not acknowledged until after his death.^[24][25]

Brothers

• Chung In-yung [ko] (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.^[26][27]
• Chung Soon-Yung [ko] (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 [ko] (1928–2005). Founder of Hyundai Motor. He later left the Hyundai Group, taking control of Hyundai Development Co., Ltd., a major housing builder in Korea.^[28][29]
• 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 [ko] (1936–2021). Founder of the KCC Chemical (Keumkang) group, a major South Korea manufacturer in paints and glass products.

Children

• Chung Mong-pil [ko] (1934–1982). Died in a car accident in Gimcheon, in a Hyundai-built Ford Granada,^[30] on the Gyeongbu Expressway leaving two daughters.
• Chung Mong-koo (1938–). Currently the head of the Hyundai Kia Automotive Group, the second largest business group in Korea. Assumed control of Hyundai Engineering & Construction in 2011.^[31]
• Chung Mong-kun [ko] (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.
• Chung Mong-woo [ko] (1945–1990). Committed suicide leaving three sons. His oldest son Chung Il-sun is currently the president of BNG Steel, a member of the 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 [ko] (1956–) in control of the Hyundai Group.
• Chung Mong-joon (1951–). Politician and de facto owner of Hyundai Heavy Industries,^[31] the world's largest shipbuilding firm, as well as vice-chairman of FIFA.
• Chung Mong-yoon [ko] (1955–). Chairman of Hyundai Marine & Fire Insurance^[32], Korea's third largest non-life insurer.
• Chung Mong-il [ko] (1959–). Former chairman of Hyundai Merchant Bank and Kangwon Bank.
• Chung Chung-in (Grace Jeong; 1979–), actress.^[24][25]
• Chung Chung-im (Elizabeth Jeong; 1981–), advertiser.^[24][25]

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)