• 2020–present: Honorary Chairman of
Hyundai Motor Co. &
Kia Motors Corp. • 2000–2020: 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 • 1970: started his career by joining Hyundai Engineering & Construction He also owns INNOCEAN Worldwide, an ad &
marketing agency, with his eldest daughter Chung Sung-yi.
Management Chung is described as a "vigorous septuagenarian" who comes to work at 6:30 a.m. and "personally heads monthly quality reviews with senior executives". Although he only holds 5.2% of Hyundai Motor's stock, Chung "wields disproportionately strong control" and is able to control its board thanks to a complex
corporate governance arrangements in which Hyundai Motor owns 34% of Kia, which owns 16.9% of
Mobis, which in turn owns 20.8% of Hyundai Motor. This means that "because the companies essentially control each other, no outside shareholder is strong enough to name board members". 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. On 5 February 2007 he was convicted of embezzlement and breach of fiduciary duty for selling securities to his son
Chung Eui-sun at below-market prices. He was sentenced to three years in prison. Chung remained free on bail while he appealed the sentence. 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, community service and a $1 billion donation to charity. The trial was seen as "a victory for
transparency and
rule of law in South Korea", but on August 15, 2008, South Korean President
Lee Myung-bak granted him a special pardon to allow Chung to continue to contribute to the development of Hyundai Motor Group as well as the
Korean economy. == Awards and honors ==