Chung Mong-koo

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Chung Mong-Koo
Chung Mong-Koo.jpg
Born (1938-03-19) 19 March 1938 (age 76)
Gangwon Province, South Korea
Citizenship South Korea
Education Hanyang University
Occupation Chairman of Hyundai Motor Group
Net worth $5.4 billion (2013)
Spouse(s) Lee Jung-Hwa (Deceased)
Children 4
Awards Van Fleet Award (2009)
Chung Mong-koo
Hangul 정몽구
Hanja 鄭夢九
Revised Romanization Jeong Monggu
McCune–Reischauer Chŏng Mongku

Chung Mong-Koo (born March 19, 1938 in Gangwon Province) is the chairman of Hyundai Motor Group, the largest carmaker in South Korea. The Hyundai Motor Group is consist of 42 subsidiaries and it is the second largest Chaebol in South Korea. Chung succeeded his father, Chung Ju-yung, founder of what would become the Hyundai Conglomerate (in Korean,"Chaebol") When the conglomerate split into several parts in 1999, Chung Monk Koo took over the Hyundai Motor business. He is eldest surviving son of Chung Ju-yung's eight sons.

Chung Mong Koo is much credited with improving the reputation, perception and sales of Hyundai vehicles by shifting the automaker's emphasis from production to quality.

Professional Experience[edit]

  • 2000 ~ Present : Chairman & CEO of Hyundai Motor Co. & Kia Motors Corp.
  • 1996 ~ 1998 : Chairman of Hyundai Group
  • 1987 ~ 1998 : CEO, Hyundai Motor Service
  • 1986 : CEO, Incheon Iron & Steel
  • 1981 : CEO, Hyundai Pipe
  • 1977 : CEO, Hyundai Precision & Industry

Awards & Honors[edit]

  • 2009 : Van Fleet Award, The Korea Society
  • 2008 ~ present : Honorary Chairman of the Organizing Committee for the Expo 2012 Yeosu
  • 2001 : Awarded Distinguished Service Citation by Detroit’s Automotive Hall of Fame
  • 1997 ~ present : Honorary Vice President of International Archery Federation
  • 1986 ~ 1997 : Chairman of Asia Archery Association
  • 1985 ~ 1997 : Chairman of Korea Archery Association

Others[edit]

He was named by Business Week as one of top managers for 2004.[1] In 2006, he and his family were targeted by the Seoul Supreme Public Prosecutor's Office as part of an investigation into embezzling 100 billion won ($106 million USD) from Hyundai to create slush funds.[2] Despite a travel ban, Chung left South Korea in April 2006. Chung was arrested on 28 April 2006 on charges related to embezzlement and other corruption[3][4] He was convicted of embezzlement and breach of fiduciary duty on 5 February 2007 and sentenced to three years in prison.[5] Chung remained free on bail while he appealed the sentence.[6] On September 6, 2007, Chief judge Lee Jae-Hong ruled to suspend the sentence of Chung Mong-koo (in consideration of the huge economic impact of imprisonment), ordering instead of a 3-year jail term, the performance of community service and a $1 billion donation to charity.[7] However on August 15, 2006, on the occasion of Korea’s 63rd Independence Day, the ministry of Justice granted a special pardon to eliminate all charges and sentences in order Mr. Chung to continue to contribute to the development of Hyundai Motor Group as well as Korean national economy.[8] In 2009, the Hyundai Genesis luxury sedan won the North American Car of the Year award.[9] By early 2011, Hyundai motor group was gauged by some in the auto industry to be the world’s fourth-largest automaker.[10] In 2012 he was included in the 50 Most Influential list of Bloomberg Markets Magazine.

References[edit]

  1. ^ "Chung Mong Koo". THE BEST & WORST MANAGERS OF 2004. Business Week. January 10, 2005. 
  2. ^ Kim Jong-moon, Chun Su-jin (28 March 2006). "Hyundai case widens with official's arrest". JoongAng Daily. 
  3. ^ Olson, Kelly (28 April 2006). "Hyundai Chairman Chung Mong-Koo Arrested". Associated Press. 
  4. ^ Sang-Hun, Choe (28 April 2006). "South Korea Arrests Head of Hyundai Motor". New York Times/International Herald Tribune. 
  5. ^ Seonjin Cha (5 February 2007). "Hyundai Motor's Chung Found Guilty of Embezzlement". Bloomberg. 
  6. ^ Cheon Jong-woo (5 February 2007). "Hyundai Motor chairman sentenced to 3 yrs in jail". Reuters. 
  7. ^ BBC NEWS, Guilty Hyundai boss escapes jail
  8. ^ "Article from Korea herald". Korea herald. March 30, 2010. 
  9. ^ Valdes-Dapena, Peter (11 Jan 2009). "2009 Car of the Year: Hyundai Genesis.". CNNMoney. 
  10. ^ Colum Wood (January 28, 2011). "Hyundai Officially Ousts Ford to Become World’s 4th Largest Automaker | AutoGuide.com News". autoguide.com. Retrieved 31 May 2011. 

See also[edit]