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Chung Ju-yung

Chung Ju-yung or Jung Joo-young (25 November 1915 – 21 March 2001) was a South Korean entrepreneur and the founder of Hyundai Group, the second chaebol in South Korea.

Early life

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).[1]

Chung graduated from Songjun Primary School in March 1931. He then attended his grandfather's Confucian school while working at his parent's farm. In 1933, 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 also worked as a construction laborer in the construction of Korea University, and was a starch syrup factory worker for a year.[1]

Chung began working for Bokheung Rice Store, first as a delivery man, and then a book-keeper. In 1936, he married Byun Joong Suk. In 1937, the store owner became ill, and gave the store to Chung. He renamed the business Kyungil Rice Store.[1]

In 1939, the government, occupied by the Japanese at that time, outlawed Korean ownership of rice shops. Chung lost his job and returned home.[1]

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.[1][2] He left and returned to his village with 50,000 yen in savings.[1]

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 re-established the company and continued to obtain more work from the United States.[1]

In 1972, he founded Hyundai Shipbuilding & Heavy Industries, and created the Ulsan shipyard as its headquarters.[3] He introduced the Hyundai Pony in 1976 and the Hyundai Excel in 1986.[4]

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.[5][6] He was also the first to propose the Geumgangsan sightseeing excursions. He founded the Hyundai Heavy Steel Company.[7]

In 1982, Chung received the Golden Plate Award of the American Academy of Achievement.[8]

Political career

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.[9]

Death

Chung died on 21 March 2001, at the age of 85, from pneumonia after receiving at-home treatment for other long-term illnesses.[10][11] He was buried in accordance with Buddhist and Confucian customary rites.[12] His wife, Byun Joong-Seok, died on 17 August 2007, at the age of 86, due in part to long-term heart complications.[13] She was buried in a family cemetery in Hanam, alongside her husband and their son.[14]

Books

  • Trials May Not Fail
  • Born in This Land
  • Your Lips Need to Burn: If You Plan to Succeed [15]

Family

Chung Ju-yung had five brothers and one sister; he had eight sons and one daughter with his wife.[16] 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.[17][18]
  • 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.[19][20]
  • 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,[21] 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.[22]
  • 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,[22] the world's largest shipbuilding firm, as well as vice-chairman of FIFA.
  • Chung Mong-yoon (1955–). Chairman of Hyundai Marine & Fire Insurance,[23] 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.[24][25]
  • Chung Chung-im (Elizabeth Jeong; 1981–), advertiser.[24][25]

Nephews

via Chung In-yung (1920–2006) via Chung-Soon-yung (1925–2015) via Chung Se-yung (1928–2005) via Chung Shin-yong (1931–1962) via Chung Sang-yung (1936–)

  • 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.

See also

Further reading

External links

References

  1. Richard M. Steers. Made In Korea: Chung Ju Yung and the rise of Hyundai Routledge, 1999^
  2. Chung ju yung^
  3. Ka-young Lee. HD Hyundai vice chair Chung Ki-sun discusses AI shipyard project with Palantir CEO The Chosun Daily, 2025-03-11, retrieved 2026-04-07^
  4. Hyung Je Jo. Agile Against Lean, An Inquiry into the Production System of Hyundai Motor Palgrave Macmillan Singapore, 2023^
  5. Victor D. Cha. The Impossible State: North Korea, Past and Future Ecco, 2013^
  6. Biography www.asan-chungjuyung.com, retrieved 2026-03-31^
  7. Biography www.asan-chungjuyung.com, retrieved 23 November 2025^
  8. Golden Plate Awardees of the American Academy of Achievement www.achievement.org, American Academy of Achievement^
  9. Don Kirk. Chung Ju Yung, 85, Founder Of the Hyundai Group, Dies The New York Times, 22 March 2001, retrieved 18 February 2025^
  10. Hyundai founder passes away at age of 86 The Dong-A Ilbo, retrieved 12 March 2025^
  11. Aidan Foster-Carter. Chung Ju-yung The Guardian, 28 March 2001, retrieved 12 March 2025^
  12. 故 정주영 명예회장 묘소 참배하는 이명박 ; 이제는 새 청사진을 그려야 할 때^
  13. Hyundai's Cornerstone Passes Away; '현대家의 대모' 변중석 여사 영원히 잠들다^
  14. 2,000 Attend Funeral Services for Chung^
  15. 정주영 저. http://www.yes24.com/24/goods/312521^
  16. Steers, Richard M. Made in Korea: Chung Ju Yung and the Rise of Hyundai Routledge, 1999^
  17. Pollack, Andrew. A Korean Giant Spins Out of Control The New York Times, 25 January 1998, retrieved 5 January 2022^
  18. Pioneer in Hyundai Group Chung In-yung dies at 86 Korea JoongAng Daily, 20 July 2006, retrieved 5 January 2022^
  19. Foster-Carter, Aidan. Obituary: Chung Se-yung The Guardian, 23 May 2005, retrieved 4 January 2022^
  20. Thorpe, Norman. Hyundai co-founder Chung Se Yung dies Automotive News Europe, 23 May 2005, retrieved 4 January 2022^
  21. Lee, Ho-jeong. Blast From the Past #10: Long before the gallop of Equus, Granada was Korea's luxury car Korea JoongAng Daily, 30 November 2009, retrieved 27 June 2011^
  22. Family Drama Forbes, 26 April 2011, retrieved 5 January 2022^
  23. Forbes profile of Chung Mong-Yoon Forbes, 30 April 2014, retrieved 6 August 2025^
  24. 김태현. [최초공개] 정주영 '숨겨진 여인' 김경희 40년간 감춘 사랑과 증오 1편 일요신문, 9 June 2014, retrieved 5 January 2022^
  25. 김태현. [최초공개] 정주영 '숨겨진 여인' 김경희 40년간 감춘 사랑과 증오 2편 일요신문, 9 June 2014, retrieved 5 January 2022^