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A Leadership Succession Case (Chung Ju Yung)

3086 words - 13 pages

Scope

1. Introduction

2. Identifying the main issues

3. Identifying the stakeholders and leaders involved

4. Analyzing the relevant leadership behaviors

5. Possibility of another style, approach and action plan

6. Appraising the applicability of the literature to this real life scenario

7. Summary

1. Introduction

In this essay, I would like to write about Chung Ju Yung who affected the industry of Korea significantly over the last few decades with his leadership. The leadership of Chung Ju Yung has been one of the most successful cases in the industry of Korea.
Chung Ju Yung, well-known founder and chairman of Hyundai, had been both reviled and revered by fellow ...view middle of the document...

In 1946, the year after Korea was liberated from Japan, Chung Ju Yung opened the Hyundai automobile-repair shop in Seoul. Because most cars were owned by the government, Chung regularly made the bureaucratic rounds himself to collect on his bills. With the help of his older brother, Chung In Yung, who spoke English, Chung Ju Yung parlayed his contacts with U.S soldiers into lucrative construction contracts with the U.S military command and later with the South Korean government.
In 1950, when the Korean War broke out, Hyundai’s military contracting business expanded rapidly. When the war ended in early 1953, South Koreans turned their energies toward rebuilding the war-ravaged country. Hyundai won major infrastructure contracts from the government such as the right to build part of the 430 km Seoul-Pusan express way connecting the capital with the nation’s largest port and second-largest city. The project, which was built despite the reservations of the World Bank and other international experts, galvanized economic development after the express way opened in 1970. In a country with few paved roads, the new express way made large-scale internal migration possible; young men and women from the farms streamed to Seoul and Pusan for work in textile mills and factories.
In 1960, Syungman Lee, the president of South Korea, was overthrown, and General Park Chung Hee came to power. Under Park, the South Korean economy began to take off. Chung’s humble background, lack of political pretensions, unwavering confidence in his own judgment, and “rough-and-ready” style, made him a great favorite of President Park Chung Hee during the heroic nation-building decades of the 1960s and 1970s. Notably, in 1960, Korea’s per-capita gross national product amounted to only US$260(US$80 in 1993 prices). At the end of 1992, it had increased to US$7,345. The real GNP-growth rate averaged 9.5% between 1960 and 1970 and 7.8% between 1971 and 1980. The gross domestic product, GDP, in 1992 was US$290.2million.
Hyundai did not just roads and bridges: Hyundai Motor Company (HMC) built cars, buses, and trucks. Hyundai Steel provided raw materials, such as steel and cement, and built power generation facilities; and Hyundai-built ships carried Korean goods to export markets. Hyundai’s ship construction company won US$7 billion in Middle Eastern contracts during the 1970s, which helped Korea earn back some of the money that it had spent on precious oil and other natural resources, of which Korea had precious little. Hyundai even became one of the most active South Korean firms in Vietnam during the 1960s, when the U.S government showered contracts on South Korean firms in return for President Park’s dispatch of troops to the Vietnam War effort. South Korea sent more than 300,000 troops to Vietnam to aid the U.S military, becoming the second-largest presence in Vietnam after the United States.
American and European conglomerates had also become involved in a wide range...

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