Chung Mong-koo, chairman of Hyundai Motor Group. Photo: Forbes
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https://scmp.com/magazines/style/news-trends/article/3079249/why-hyundais-billionaire-chairman-chung-mong-koo-known News & Trends
Why is Hyundai’s billionaire chairman Chung Mong-koo known as the ‘bulldozer?’
Chung Mong-koo is credited with subsidiary Kia Motors’ growth into a global brand, but he was convicted of embezzlement and given a suspended sentence before receiving a presidential pardon
Hyundai Motor Group chairman Chung Mong-koo will be the first South Korean to be inducted into the Automotive Hall of Fame. Photo: Hyundai Motor Group
South Korea’s Hyundai Motor Group was the first global car manufacturer to halt production outside China after the Covid-19 pandemic led to lockdowns preventing he delivery of parts.
At the helm of this company sits Chung Mong-koo, Hyundai’s 82-year-old chairman, who will be inducted into the Automotive Hall of Fame in Detroit – the industry’s top honour – as part of the class of 2020, on July 23. Chung is the first Korean to win this accolade, which is presented to business leaders who have contributed to advancements in the car industry each year.
His leadership does not come without controversy. Nicknamed a “bulldozer” for his forceful and often blunt style, Chung was also sentenced to three years in prison for embezzling company funds in 2007. He only spent a few months incarcerated before his sentence was suspended, and received a special pardon from then-South Korea President Lee Myung-bak.
Chung remains one of South Korea’s top businessmen as he champions the development of the nation’s car industry and economy. When the Korean car industry collapsed during the Asian financial crisis in 1997, Chung revived subsidiary Kia Motors and oversaw its development into a global brand.
Hyundai Motor chief Chung Mong-koo walks out of a courtroom after his sentencing trial at the Seoul Central District Court in February 2007. Photo: AFP
The Korean billionaire is the second son of the late Chung Ju-yung, who founded the Hyundai Group (once South Korea’s biggest conglomerate, or chaebol) despite his humble beginnings from a peasant family. He is the oldest surviving son of eight children.
The 82-year-old has four children of his own, three daughters and one son, Chung Eui-sun, who is vice-president of Hyundai and heir-apparent to the family’s car business.
Hyundai Group founder Chung Ju-yung (left) and his sons, Hyundai Motor chairman Chung Mong-koo (centre) and Hyundai Group chairman Chung Mong-hun, at the group headquarters in Seoul in May 2000. Photo: AFP
Chung inherited Hyundai’s car business when a succession battle for control of the Hyundai Group between him and his younger brother, Chung Mong-hun, came to a head in early 2000. At the time they were both co-chairmen of the group. This triggered the intervention of their father, Chung Ju-yung, who decided that his younger son would be chairman of the group and three of its largest companies: Hyundai Engineering & Construction, Hyundai Electronics and Hyundai Merchant Marine. His elder son remained chairman of the group’s car companies: Hyundai Motor and Kia Motor.
Forbes valued Chung Mong-koo as South Korea’s eighth richest billionaire with a net worth of US$3 billion, as of April 8.