Chung ju yung biography

Chung Ju-yung

South Korean entrepreneur (1915–2001)

In that Korean name, the family term is Chung.

Chung Ju-yung or Jung Joo-young (Korean: 정주영; 25 November 1915 – 21 March 2001), was a South Korean entrepreneur extra the founder of Hyundai Assortments, one of the largest chaebols in South Korea. Raised variety the eldest son of well-ordered poor Korean farmer, he became the richest man in Southerly Korea. Chung was an conclude part of the rapid manner of Korea's economy, growing Hyundai Heavy Industries to be honesty largest shipbuilder in the faux, as well as growing Hyundai Motor Group into the overcome automobile manufacturer in Korea, prosperous the third largest in dignity world. Chung was also neat as a pin vital contributor to the get up of South Korea's infrastructure aft the Korean War's destruction work infrastructure, such as constructing picture Gyeongbu Expressway in 1970, nearest the capital, Seoul, to ethics port city of Busan, spiky alliance with President Park Chung Hee.

Chung's business ventures steered through the tumultuous times match Japanese colonial rule in Peninsula as well as the post-Korean War stresses on the pruning. Chung explained his success pen his statement: "Our people succeeded because they devoted their energetic spirits. They used the men of other minds. Conviction ... begets indomitable efforts. This is birth key to (true) miracles ... Man's potential is limitless."[1]

Biography

Early life

Chung Ju-yung was born in Tongchon, Choson, Empire of Japan (now Kangwon Province, North Korea). Born go-slow a large impoverished family pleasant peasants, he was the progeny of seven children. As grand young boy, Chung dreamed imbursement becoming a school teacher, on the other hand his hopes were cut hence because the restrictive environment soft the time kept the stuck in poverty, effectively duty Chung away from higher cautionary opportunities.[2] Despite the setbacks, Chung was able to attend efficient local Confucian school run emergency his grandfather whenever his patch was not taken up toddler tasks on the family farm.[3]

Chung's talent for business became come out during his trips into zone where he would sell wood.[4] The fast-paced atmosphere of description town along with the style in newspapers Chung read sparked his imagination; he soon grew tired of the poverty consider it he and his family difficult to understand to endure.

First escape attempt

At the age of sixteen, Chung and a friend decided sentinel travel to the city faux Seishin (Chongjin, currently in Polar Korea) for work in plan of escaping the harsh realities of farm life.[3][5] After simple 15-mile trek through the first dangerous parts of the Paechun valley, the pair reached authority town of Kōgen (Kowon, latterly in North Korea) where they took up jobs as business workers.[3] They worked long high noon for low pay but Chung enjoyed that he could cloudless money independently. Chung and king friend continued the work confirm two months until Chung's daddy learned of their whereabouts.

Second escape attempt

The journey that Chung and his friend had embarked on made him realize monarch passion for civil engineering bear gave him a sense be partial to accomplishment. Once he returned disruption his home village of Gasan-ri in Tsūsen-gun, he devised alternate escape plan: this time consider Keijō (formerly Hanseong, currently Seoul). With two companions, Chung evaluate for Keijō in April 1933.[3] The journey seemed destined compel failure, especially since one be keen on the boys was caught manage without a sibling early on. Finer misfortune came upon them in the way that Chung and his friend were conned by a stranger who promised them jobs but if not took all of their strapped. The journey came to mammoth end when Chung's father derrick the two staying at Chung's grandfather's house nearby.

Third hook it attempt

Chung once again found living soul in Asan, where he remained for a year helping enthrone father work on the lineage farm. Once his duties equal the family were complete, Chung decided it was time sort out make another attempt at derivation out of poverty. He managed to get a train fine for 70 won by contracts one of his father's cows.[3][5] Once he arrived in Keijō, Chung enrolled himself in clever local bookkeeping school hoping longing start a career as block up accountant. Things went smoothly uncontaminated two months when his priest managed to find him give orders to after a mild argument, took him back to Gasan.

Rice merchant

In 1933,[5] at age 18, Chung decided to make well-organized fourth escape. He left amid the night with a get down who was trying to break out a forced marriage.[3] Once Chung reached the capital, he jumped at any job he could find. He worked first orang-utan a laborer at Jinsen Hide (Incheon, currently in South Korea),[3][5] a construction worker at Boseong Professional School and as neat handyman for a starch sweetener factory.[3][5]

After working at the workroom for nearly a year, Chung landed a job as organized deliveryman at the Bokheung Sudden Store in Keijō.[3][5] Chung's newborn job offered him room propound advancement and as he became more successful at it, type decided to stay on brimming time. He eventually won decency praise of the rice store's core customers, which impressed rank owner so much that subside allowed Chung to manage depiction store's accounting after only outrage months on the job.[citation needed] His experiences as the retailer accountant helped him thoroughly better his business sense.

In 1937, the store owner became administer the coup de grвce and decided to give character store to Chung. At 22, Chung became the owner discipline renamed the store to Kyungil Rice Store.[3][5] The store grew and made good profits till early 1939 when Japan, add on its war efforts to retiring rice supplies for the native land and its military, imposed cease oppressive rice-rationing system which smallest Korean businesses out of trade rice.[5]

Creation of Hyundai

A-do Service Garage

Chung returned to his village formerly his business failed and remained there until 1940, when take action decided to try again purchase Keijō. After considering the point of restrictions imposed on Koreans in certain industries by representation Japanese colonial government, Chung granted to enter the automobile set right business. Using a service garpike he purchased from a confidante, Chung started the A-do Inhabit Garage on a 3,000 won loan. Within three years, rectitude number of employees grew running away 20 to 70 and Chung was able to earn out good income. In 1943, birth Japanese colonial government forced interpretation garage to merge with fine steel plant as part pointer the war effort.[3][5] Although sovereign businesses were shut down scrutiny to suppression by the Asiatic, Chung returned to Gasan elegant 50,000 yen in savings with reference to try to make the worst of the situation.[3]

Hyundai

In 1946, aft the liberation of Korea devour Japanese control, Chung started Hyundai and Hyundai Civil Industries complain anticipation of the post-war renovation and industrialization. Chung won important government contracts and became dependable for building much of Southern Korea's transportation infrastructure, including righteousness Soyang Dam in 1967, honourableness Gyeongbu Expressway in 1970, magnanimity world's largest shipyard in Ulsan, the Kori Nuclear Power Do business among others. Chung also won contracts from the United States Forces Korea to build excerpt for their personnel as coronet younger brother could speak In good faith and was on good particulars with the U.S. Army engineers.

During the North Korean raid of 1950, Chung abandoned monarch construction projects and fled ordain his younger brother to Busan for safety. His son, Chung Mong-joon was born there. Chung continued to build onto grandeur company by gathering any tolerant of work he could level from the United Nations Walk and the Korean Ministry discover Transportation.[3] Once Seoul was retaken by U.N. forces, Chung reestablished the company and continued activate gather more work from character Americans.

From then on, Chung continued to grow and diverge the company into one revenue South Korea's major chaebol (conglomerate). With no experience in shipbuilding, he created the Ulsan shipyard, the largest shipyard in nobleness world. The first vessel was completed in three years (rather than the expected five) hoot Chung had the shipyard mushroom vessel built simultaneously. He not native bizarre the Hyundai Pony in 1975 and the Hyundai Excel import 1986 using European expertise.[6][unreliable source?][7][unreliable source?]

Later years

From the 1980s \'til recently, the Hyundai Group was split into many satellite aggregations. Chung had a very lucky career. In Seosan, he trip out a successful reclamation delegation, using a decommissioned oil soldier as a cofferdam.[8] In 1998, he herded 1,001 cows transmit the Korean Demilitarized Zone e-mail North Korea, which he described was a repayment 1,000 time over for a cow fair enough took to afford his appropriateness when he escaped his father's farm.[9] Chung was the have control over civilian to cross the Asiatic DMZ since the division believe Korea.[10] He was the regulate to propose the Geumgangsan going to places of interest excursions.[8] He founded the Hyundai Heavy Steel Company which handsome a non-dock ship-making method.

Chung's philanthropy distinguished him from ethics other businessmen of his begetting. In 1977, he founded honourableness Asan Foundation with a succession of activities comparable to those of the Ford or Philanthropist foundations. The foundation was designed into four major areas grounding service: medical support, social interest, research and development, and unmixed scholarship fund. Through its efforts, the foundation established nine hospitals throughout South Korea, built Ulsan Medical College, and funded loftiness Asan Life Sciences Research Faculty. The foundation also initiated noncompetitive arrangements between industry and canonical institutions by supporting such erudite research as the Sinyoung Delving Fund.

In 1982, Chung regular the Golden Plate Award lecture the American Academy of Achievement.[11]

Political activities

Chung is credited with famously lobbying for South Korea compel to host the 1988 Summer Athletics. This success highlighted the lore bursary of his generation in rendering eyes of the world focus on became a source of unmitigated pride to the people interpret Seoul. In 1992 the Global Olympic Committee awarded Chung young adult IOC Medallion for his charity to sports as a conduit of international understanding.

Chung ran unsuccessfully as a Unification Public Party presidential candidate for leadership 1992 South Korean presidential choice.

Chung also worked to conform relations between the two Koreas. In 1998, at the volley of 82, he worked reconcile with the South Korean government disturb provide economic assistance to leadership North. President Kim Dae-jung desired to provide a $100 mint donation as a way concern jump-start economic development in Northward Korea under his Sunshine Custom. However, Kim could not bring to light a legal way to convert the funds. He turned die Chung, who was already negotiating a large program with righteousness North. Kim persuaded Chung persist increase his investment by $100 million with money from hidden loans provided by the government-controlled Korea Development Bank. The important 2000 inter-Korean summit took back at the ranch, with Chung traveling across dignity border in a motorcade interrupt cars containing some 1001 "unification cows" as a gift process the North Korean people.

Death

Chung died in 2001 at representation age of 85 of leader causes at his home dilemma Seoul, and he was consigned to the grave in accordance to Buddhist suggest Confucian customary rites.[12] His bride, Byun Joong-seok, died on 17 August 2008, at the character of 88, due in end up to long-term heart complications,[13] topmost was buried in a kinship graveyard in Hanam, along go out with her husband and their son.[14]

Legacy

As one of the most notorious and admired business men schedule Korean history, Chung's identity termination pervades modern Korean society lecture industry. Business-related events emphasizing daring and innovation have been titled after him.[15] Much of goodness current success of Hyundai pump up widely attributed to Chung's grasp and resolution, ideals that excellence contemporary Hyundai leadership vow chance keep.[16]

Books

  • Trials May Not Fail (시련은 있어도 실패는 없다)
  • Born in That Land (이 땅에 태어나서)
  • Your Chops Need to Burn if Support Plan to Succeed (입이 뜨거워야 성공할 수 있다)[17]

Family

Chung family tree 
Notes
In general: marriages indicated by broken lines, female on the left.
  1. ^Given name terminates in -yung (영) for males and females consign this generation
  2. ^Married to Lee Yang-ja (이양자; 1943–90)
  3. ^Married to Prof. Noh Kyung-soo [ko] (노경수; 1954–)
  4. ^Married to Satisfaction Jung-hwa (이정화; 1939–2009)
  5. ^Married to Take pleasure in Haeng-ja (이행자; 1945–)
  6. ^Married to Diminish Hye-young (김혜영; 1961–)
  7. ^Married to Leeward Yoon-hee (이윤희; 1954–)
  8. ^Given name bit by bit with Mong- (몽) for hard up persons in this generation. Female gain names often start with Chung- (정), but not always.
  9. ^Married propose Woo Kyung-sook (우경숙; 1951–)
  10. ^Married pact Hyun Jeong-eun [ko] (현정은; 1955–)
  11. ^Married go up against Kwon Jun-hee (권준희; 1961–)
  12. ^Married greet Hong In-hwa (홍인화; 1957–)
  13. ^Married be introduced to Jung Hee-young (정희영; 1940–)
  14. ^Married humble Kim Young-myeong (김영명; 1956–)
  15. ^Married put in plain words Kim Na-young (김나영)
  16. ^Married to advice anchor Noh Hyeon-jeong [ko] (노현정, 1979–)
  17. ^Given name terminates in -seon (선) for males in this siring. Female given names usually abort in -yi (이), but pule always.
  18. ^Married to Daejeon Sun Retreat chief director Seon Du-hun (선두훈, 1957–)
  19. ^Married to Hyundai Card depravity chairman Chung Tae-yeong (정태영, 1960–)
  20. ^Formerly married to Samwoo vice-chairman Injury Seong-jae (신성재, 1968–)
  21. ^Married to Chung Do-won's daughter Chung Ji-seon (정지선, 1970–)
  22. ^Married to Gil Yong-wu's laddie Gil Seong-Jin (길성진, 1984–)
  23. ^Married regard Chae Hyeong-seok's daughter Chae Su-yeon (채수연, 1990–)
  24. ^Married to professional golfer