Era of Hyundai Group's 1st generation ends with Chung's passing
By Baek Byung-yeul
Chung Sang-young, honorary chairman of KCC and the youngest brother of Hyundai Group founder Chung Ju-yung, died of chronic disease on Saturday, according to the building and industrial materials company. He was 84.
"The honorary chairman was hospitalized recently as his health has deteriorated and his family members gathered around him that day," KCC said. Chung is survived by his wife and three sons, including KCC Chairman Chung Mong-jin, KCC Glass Chairman Chung Mong-ik and KCC Engineering and Construction (E&C) Chairman Chung Mong-yeol.
Born in 1936, Chung was the last surviving member of the late Hyundai Group founder's generation. Chung's passing marked the end of an era for the Hyundai Group family.
The late honorary chairman had been at the top seat for more than six decades since he established Kumgang Slate Industries in 1958. In 1974, Chung established Koryo Paint to start a paint production business and founded a construction company which is now KCC E&C in 1989.
Since the group was renamed KCC in 2005, the conglomerate has grown into the country's leading building and industrial materials company.
Chung has been widely recognized for his efforts to contribute to the development of the country, especially in his drive to locally produce various industrial materials such as paints, glass and silicone which companies had heavily relied on through imports.
The late chairman also took the initiative in 1987 to localize the production of high-tech materials as KCC became the first in the country to commercialize epoxy molding compound material, which is used for manufacturing chips.
KCC also constructed the first silicone monomer production plant in Korea in 2003 to make the country the world's seventh nation to independently produce silicone following Germany, France, the United States, Japan, Russia and China.
The late chairman is also remembered as a businessman who emphasized the need of fostering talented individuals as he donated billions of won to Dongguk University and the University of Ulsan.
KCC said the late chairman's funeral will be held as quietly and simply as possible in accordance with the wishes of the deceased and added the group will not announce a detailed schedule of funerary services.
Industry insiders said chances are low that Chung's three sons would fight over management succession as the late chairman laid the groundwork for a smooth succession before he passed away.
His first son Mong-jin has led KCC since 2000 and holds the largest stake of 18.55 percent in the company. Second son Mong-ik serves as chairman of KCC Glass, which has the largest market share in the architectural glass and car safety glass sectors. Chung's third son Mong-yeol is serving as chairman of KCC E&C and holds the second-largest stake in the construction company.
By Baek Byung-yeul
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| KCC Group founder Chung Sang-young |
"The honorary chairman was hospitalized recently as his health has deteriorated and his family members gathered around him that day," KCC said. Chung is survived by his wife and three sons, including KCC Chairman Chung Mong-jin, KCC Glass Chairman Chung Mong-ik and KCC Engineering and Construction (E&C) Chairman Chung Mong-yeol.
Born in 1936, Chung was the last surviving member of the late Hyundai Group founder's generation. Chung's passing marked the end of an era for the Hyundai Group family.
The late honorary chairman had been at the top seat for more than six decades since he established Kumgang Slate Industries in 1958. In 1974, Chung established Koryo Paint to start a paint production business and founded a construction company which is now KCC E&C in 1989.
Since the group was renamed KCC in 2005, the conglomerate has grown into the country's leading building and industrial materials company.
Chung has been widely recognized for his efforts to contribute to the development of the country, especially in his drive to locally produce various industrial materials such as paints, glass and silicone which companies had heavily relied on through imports.
The late chairman also took the initiative in 1987 to localize the production of high-tech materials as KCC became the first in the country to commercialize epoxy molding compound material, which is used for manufacturing chips.
KCC also constructed the first silicone monomer production plant in Korea in 2003 to make the country the world's seventh nation to independently produce silicone following Germany, France, the United States, Japan, Russia and China.
The late chairman is also remembered as a businessman who emphasized the need of fostering talented individuals as he donated billions of won to Dongguk University and the University of Ulsan.
KCC said the late chairman's funeral will be held as quietly and simply as possible in accordance with the wishes of the deceased and added the group will not announce a detailed schedule of funerary services.
Industry insiders said chances are low that Chung's three sons would fight over management succession as the late chairman laid the groundwork for a smooth succession before he passed away.
His first son Mong-jin has led KCC since 2000 and holds the largest stake of 18.55 percent in the company. Second son Mong-ik serves as chairman of KCC Glass, which has the largest market share in the architectural glass and car safety glass sectors. Chung's third son Mong-yeol is serving as chairman of KCC E&C and holds the second-largest stake in the construction company.
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