Chung Ju-yung

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.

Early life

Chung Ju-yung

Chung Ju-yung was born into an impoverished family on the 25th of November, 1915 in Tongchon County, Korea, Empire of Japan (now Kangwon Province, North Korea).

Chung graduated from Songjun Primary School in March 1931. After that, he attended his grandfather's Confucian school while working at his parent's farm. In 1993, at the age of 18, he left for Seoul to find work, and became a stevedore at Jinsen Harbor (Incheon, currently in South Korea). He left his job to be a construction laborer in the construction of Korea University. After that, he became a starch syrup factory worker for a year.

Chung became a delivery man at Bokheung Rice Store. He received a promotion after six months of working, and became a bookkeeper for the store. In 1936, he was married to Byun Joong Suk. In 1937, the store owner became ill and gave the store to Chung at the age of 22. He then renamed the store to Kyungil Rice Store.

At 1939, the government, occupied by the Japanese at that time, outlawed Korean ownerships on rice shops. Chung lost his job and returned home.

Career

Pre-Hyundai

After he lost his ownership of his rice store, Chung returned to his village and remained there until 1940, when he decided to try again in Keijō. Due to 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 with a 3,000 won loan. Within three years, the number of employees grew from 20 to 70. In 1943, the Japanese colonial government forced the garage to merge with a steel plant as part of the war effort. He left and returned to his village with 50,000 yen in savings.

Hyundai (1946–1986)

In 1946, after the liberation of Korea from Japanese control, Chung went back to Seoul and launched Hyundai Auto Service and Hyundai Construction Company. 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 the company by gathering any kind of work he could get from the United Nations Command and the Korean Ministry of Transportation. Once Seoul was retaken by UN forces, Chung reestablished the company and continued to obtain more work from the United States.

He created the Ulsan shipyard. He introduced the Hyundai Pony in 1976 and the Hyundai Excel in 1986.

From the 1980s until recently, the Hyundai Group was split into many satellite groups. Chung was the first civilian to cross the Korean DMZ since the division of Korea. He was also the first to propose the Geumgangsan sightseeing excursions. He founded the Hyundai Heavy Steel Company.

In 1982, Chung received the Golden Plate Award of the American Academy of Achievement.

Political career

Chung Ju-yung

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.

Death

Chung Ju-yung

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

Books

Chung Ju-yung

• 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)

Family

Chung Ju-yung

Chung family tree
																		Han Seong-sil 한성실 ?		Chung Bong-sik 정봉식 ?
Yung	Byun 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)
											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 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 정숙영 1960–			Chung Il-kyung 정일경 1960–		Chung Mong-hyuk 정몽혁 1961–
Mong			Chung Mong-koo 정몽구 1938–					Chung Mong-woo 정몽우 1945–90					Chung Mong-yoon 정몽윤 1955–			Chung Mong-guk 정몽국 1953–			Chung Mong-sun 정몽선 1954–			Kim Geun-su 김근수 1948–						Chung Mong-jin 정몽진 1960–			Chung Mong-yeol 정몽열 1964–
(몽)
					Chung Mong-kun 정몽근 1942–					Chung Mong-hun 정몽헌 1948–2003					Chung Mong-il 정몽일 1959–		Chung Mong-won 정몽원 1955–			Chung Mong-hoon 정몽훈 1959–			Chung Chung-suk 정정숙 1962–							Chung Mong-ik 정몽익 1962–
							Chung Kyung-hee 정경희 1944–					Chung Mong-joon 정몽준 1951–									Chung Mong-seok 정몽석 1958–			Chung Mong-yong 정몽용 1961–		Chung Mong-gyu 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 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 Kisun 정기선 1982–		Chung Nam-yi 정남이 1983–		Chung Seon-yi 정선이 1986–		Chung Ye-seon 정예선 1996–
	Chung Eun-hee 정은희 1971–		Chung Yu-hee 정유희 1973–		Chung Seong-yi 정성이 1962–		Chung Myeong-yi 정명이 1964–		Chung Yoon-yi 정윤이 1968–		Chung Eui-seon 정의선 1970–
	Chung Sanghyeon 정상현 2007–				Seon A-yeong 선아영 1987–		Seon Tong-uk 선동욱 1989–				Sin U-jin 신우진 1993–			Sin U-hyeon 신우현 2004–
N/A
	Chung Yun-hwi 정상현 2013–		Chung Yu-mi 정유미 1988–		Chung Yu-jin 정유진 1990–		Chung Jun 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.
Sources

Chung Ju-yung had five brothers and one sister; he had eight sons and one daughter with his wife. 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.

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. • Chung Soon-Yung (1925–2015). After working for Hyundai Engineering & Construction, he left the company, taking Hyundai Cement with him to form the Sungwoo Business Group, which includes Hyundai Cement, Hyundai Welding, and Sungwoo Automotive. • Chung Se-yung (1928–2005). He founded Hyundai Motor. He later left the Hyundai Group, taking control of Hyundai Development Co., Ltd., a major housing builder in Korea. • 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, a major South Korean manufacturer of paints and glass products.

Children

• Chung Mong-pil (1934–1982). Died in a car accident in Gimcheon, in a Hyundai-built Ford Granada, on the Gyeongbu Expressway leaving two daughters. • Chung Mong-koo (1938–). Head of the Hyundai Kia Automotive Group, the second largest business group in Korea. Assumed control of Hyundai Engineering & Construction in 2011. • Chung Mong-kun (1942–). 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 (1945–1990). Died by suicide, leaving three sons. His oldest son Chung Il-sun is 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 died by suicide in August 2003; this left his wife Hyun Jeong-eun (1956–) in control of the Hyundai Group. • Chung Mong-joon (1951–). Politician and de facto owner of Hyundai Heavy Industries, 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. • Chung Chung-im (Elizabeth Jeong; 1981–), advertiser.

Nephews

• Chung Mong-guk. • Chung Mong-won. Chairman of Halla Group. Recently reacquired Mando Machinery.

• 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.

• Chung Mong-gyu. Former Chairman of Hyundai Motor. Current Chairman of Hyundai Development Co., Ltd.

• Chung Mong-hyuk. Former President of Hyundai Oil & Hyundai Petrochemical; current chairman of Hyundai Corporation.

• Chung Mong-jin. Chairman of KCC. • Chung Mong-ik. Vice-chairman of KCC. • Chung Mong-yeol. President of KCC Construction Co., Ltd.