Chung Ju-Yung (Korean: 정주영; 25 November 1915 – 21 March 2001) was a South Korean entrepreneur and the founder of Hyundai Group, one of South Korea's largest chaebols.
Chung Ju-Yung was born into an impoverished family on 25 November 1915 in Tongchon County, Korea, under the Empire of Japan's occupation (now Kangwon Province, North Korea). Chung graduated from Songjun Primary School in March 1931. He then attended his grandfather's Confucian school while working on his parents' farm.
In 1933, at the age of 18, he became a stevedore at Jinsen Harbor (Incheon), currently in South Korea). He also worked as a construction laborer on the construction of Korea University and was a starch syrup factory worker for a year. Chung began working for Bokheung Rice Store, first as a delivery man, and then a bookkeeper.
In 1936, he married Byun Joong-Seok. In 1937, the store owner became ill, and gave the store to Chung. He renamed the business Kyungil Rice Store. In 1939, the Japanese colonial government restricted Korean ownership of rice shops, and Chung lost his store.
After losing his store, Chung returned to his village and remained there until 1940, when he decided to try again in Keijō. Because of restrictions imposed on Koreans by the Japanese Colonial Government, Chung entered the automobile repair business. Using a garage 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 during the war effort. He left Keijō and returned to his village with 50,000 yen in savings.
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 expanding the company by taking on available work 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.
In 1972, he founded Hyundai Shipbuilding & Heavy Industries, and established the Ulsan shipyard as its headquarters. He introduced the Hyundai Pony in 1976 and the Hyundai Excel in 1986.
Beginning in the 1980s until recently, the Hyundai Group was split into many satellite groups. Chung was the first civilian to cross the Korean DMZ after the division of Korea. He was also the first to propose the Geumgangsan sightseeing excursions. He founded the Hyundai Heavy Steel Company.
In 1982, Chung received the Golden Plate Award of the American Academy of Achievement.
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.
Chung died on 21 March 2001, at the age of 85, from pneumonia after receiving at-home treatment for other long-term illnesses. He was buried in accordance with Buddhist and Confucian customary rites. His wife, Byun Joong-Seok, died on 17 August 2007, at the age of 86, due in part to long-term heart complications. She was buried in a family cemetery in Hanam, alongside her husband and their son.
Trials May Not Fail (시련은 있어도 실패는 없다)
Your Lips Need to Burn: If You Plan to Succeed (입이 뜨거워야 성공할 수 있다)
Chung Ju-Yung had five brothers and one sister; he had eight sons and one daughter with his wife. 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.
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.
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.
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.