Chung Mong-Koo: Hyundai Moto Co. Chairman

Chung Mong-Koo was born on March 19, 1938, in Tongchong County, Gangwon Province, South Korea. Chung is the second son of the late Chung Ju-Yung, the son of a peasant farmer, who after the Korean War, repaired trucks for the US Army and went on to create a conglomerate that help set South Korea on a direction to becoming an export powerhouse and the fourth-largest economy in Asia. 

Chung graduated from Kyungbock High Schools and holds a Bachelor of Science degree in industrial engineering  from Hanyang University. 

Chung succeeded his father as chairman of the Hyundai Motor group which is made up of 42 subsidiaries and is the second largest Chaebol in South Korea. He was convicted of embezzlement and breach of fiduciary duty on February 2007, but was given a suspended sentence and was fully pardoned by President Lee Myung-bak. To make amends, Chung agreed to donate $1 billion over several years to benefit Korean society. 

Even though already in his mid 70s he is very much active in the group’s management and is said to personally head monthly quality reviews with senior executives. 

Grand Ambitions, Grand Results

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.