You could say Chung
Mong Koo, the Chairman of Hyundai Motor Co.
had a head start in life as he was after all the founder’s son. It can’t be
denied though that he has made good use who the resources that he inherited.
He took over Hyundai Motor in 1998. The company that he
would lead was not known for making quality cars. Hyundai actually came last in
a quality survey conducted by J.D. Powers & Associates in 1994. He started his leadership in 1998 by
acquiring Kia in a bankruptcy auction and stated that the cars he would make would
match the quality of those made by Toyota Motors.
Known for hard work and driving his executives and right
down to the last worker to work hard, Chung has been able to raise the quality
of Hyundai cars. This can be reflected in the sales of Hyundai cars that kept
its car factories running at 104 percent of planned capacity last year. The
cars are not sold in only one area but all over
the world including developed countries that have more car choices and
can choose cars based on quality and not just price.
With his drive and high ambitions the Hyundai Motor Group is
now the second largest chaebol in South Korea and the motor company is now the
crown jewels. Hyundai is considered the most profitable
among the world’s six largest automakers. While previously known for cheap cars
it is now known for making quality and highly advanced cars. It is even one of
the companies leading in car fuel cell technologies.
At 73 years of age Chung has made significant accomplishments
but still has other grand ambitions to achieve.
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