With the appointment of Euisun Chung as President of Hyundai Motor Group, the company marks an important milestone in its history, as Mong-Koo Chung who is leaving the presidency, transformed not only the company, but the entire South Korean automobile industry.
Thus, at the age of 82, the grandson of Chung Ju-yung, founder of Hyundai Group, delegates the maximum position to his son to take the position of honorary president, due to the great experience he has and the achievements made during his tenure.
Chung Ju-yung, founder of Hyundai Group
Although he has always worked at Hyundai Group, it was in 1999 that he began his greatest career of success when he succeeded his father, taking the leadership of one of the 42 subsidiaries of the company: Hyundai Motor.
Chung inherited Hyundai’s auto business after a succession battle for control of the Hyundai Group between him and his younger brother, Chung Mong-hun. Because, in 2000, they were both co-chairs of the group, their father Chung Ju-yung had to make the decision that his youngest son would be the president of the group and three of its largest companies: Hyundai Engineering & Construction, Hyundai Electronics and Hyundai Merchant Marine.
For his part, Mong-Koo Chung continued as Chairman of the Group’s automobile companies: Hyundai Motor and Kia Motor.
Hyundai Group Founder Chung Ju-yung (left) and his sons, Hyundai Motor President Chung Mong-koo (center) and Hyundai Group President Chung Mong-hun
Thanks to his excellent company leadership over more than 20 years, Mong-Koo Chung is recognized for being the one who brought success to the Korean automobile industry and economy. This excellent performance led to it being included in the Automobile Hall of Fame in 2020.
Opening a parenthesis, he is the first Korean to win this accolade, which is presented to business leaders who have contributed to advancements in the automotive industry each year.
During his tenure he managed to incorporate Kia Motors into the Group during the Asian financial crisis of the 1990s, which together with Hyundai, became global automobile companies and promoted South Korea as a leading nation in the automobile industry.
Through leadership, he also made Hyundai Motor Group the largest automobile manufacturer in Korea and the fifth-largest automobile group in the world.
His key to success was making quality the number one priority. To do this, it established a standardized plant construction system to ensure consistent high-quality production for Hyundai and Kia vehicles around the world.
Assimism, Mong-Koo Chung built one of the largest research and development centers in the world to strengthen the Group’s competitiveness.
The now Honorary President also introduced a new paradigm in sustainable management with the construction of the Hyundai Steel Co. integrated steel mill, which helped maximize synergy within the Group with the world’s first resource-circulating business structure.
- Mong-Koo Chung was president of Hyundai Motor for more than 20 years before resigning in 2020.
- He was succeeded by his only son Euisun Chung.
- He is the second son of the late Chung Ju-yung, who came from a peasant family and later founded the Hyundai Group, Korea’s largest conglomerate.
- Today, he is worth $ 4.6 billion.
- According to the Forbes ranking, he is the eighth richest man in South Korea and number 836 in the world.