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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 ...
Mar 22, 2001 · Chung Ju Yung, who rose from peasant origins to found the Hyundai Group, Korea's largest business empire before it began to crumble last year, died here on Wednesday. He was 85.
Mar 22, 2001 · He was 86. Chung, who had reportedly been suffering fatigue and weight loss for months and was hospitalized March 2 with pneumonia, had difficulty breathing Wednesday afternoon and died several...
- Humble Beginnings
- A Determined Empire-Builder
- Success at A Price
- A Second Career in Politics
- Management Style
- Philanthropic Contributions
- Sources For Further Information
Chung Ju-yung was the first son of a large impoverished peasant family in Asan-ri, a village in what became North Korea after the Korean War ended in 1953. He came of age during the Japanese colonial occupation of Korea, which began in 1910 and lasted until the Allies defeated the Axis powers in 1945. Chung's early education was meager. He attended...
Aware of the business opportunities made possible by the end of World War II and the ousting of the Japanese from Korea, Chung founded two companies in rapid succession after the country's liberation in 1945—the Hyundai Motor Industrial Company in 1946 and Hyundai Civil Industries in 1947. With the former focused on auto manufacturing and servicing...
The relentless pace of building the Hyundai empire, often with limited or no previous experience, came at a heavy cost in terms of human lives as well as finances. The Gogryong Bridge construction project in 1953 nearly bankrupted Hyundai. The Jubail project also suffered from the company's lack of experience. The concrete Soyang River dam encounte...
Chung resigned as active chairman of the Hyundai Group in 1987, although he remained its honorary chairman. To everyone's surprise, however, he announced that he was beginning a new career in politics. Chung maintained that economic power was not sufficient to guarantee a nation's strength; it must have wise leadership as well. Ever the nation-buil...
Chung's management style largely depended on the observer's perspective. His admirers in the Korean business community revered him as a father figure. Westerners, on the other hand, saw Hyundai as a tightly controlled organization whose founder took worker complaints as personal offenses. Chung described himself as an older brother or father, but r...
Whereas many Korean businessmen of Chung's generation were focused almost exclusively on industrial development and expanding the assets of their chaebolas well as corporate profits, Chung early understood the importance of giving back to the wider community. In 1977 he founded the Asan Foundation, named for the village of his birth. Chung intended...
Breen, Michael, The Koreans, London: Orion Business Books, 1998. "Hyundai Founder, Asan Chung Ju-yung: A Giant Who Solidified the Foundation of Korean Economy and South-North Exchange," http://www.asanmuseum.com//english/page/content.asp?main_id=70&sub1_id=10&sub2_id=5&sub3_id=0&sub4_id=0. Ward, Andrew, "Lunch with the FT: Kim Dae-jung," Financial ...
Nov 13, 2006 · Chung, who died in 2001, was proud of his rise from a rice-farming family to corporate chieftain.
The company spun off many of its better known businesses after the 1997 Asian financial crisis and founder Chung Ju-yung's death, including Hyundai Motor Group, Hyundai Department Store Group, and Hyundai Heavy Industries Group.
Mar 22, 2001 · March 22, 2001. Chung Ju-yung, the rags-to-riches founder of South Korea's mighty Hyundai industrial empire, died on Wednesday aged 85. Born into a poverty-stricken farming family in 1915 in...
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