A Leadership Succession Case (Chung Ju Yung)

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 Koreans. His rags-to-riches story reflected Korea’s national pride and personifies Korea’s phenomenal growth in the postwar period.
Exhibit1   Hyundai Group info.
Chung Ju Yung was born in 1915 as the eldest son of a peasant family in the northern farming village, in what was now North Korea. His education ended at primary school, when he left home as a teenager and made his way to the Seoul area. In Seoul, he was a dock worker in Inchon and a delivery boy at a Japanese rice mill, where he had to spend his first few nights learning
secretly how to ride the delivery bicycle. He eventually scraped together enough capital to start his own rice shop.
The Hyundai group was often hailed in Korea as the prototype of success in the modern Korean business environment. Hyundai was founded by Chung Ju Yung in 1946. It had become the largest conglomerate in South Korea and had been ruled with an iron hand will. Hyundai was a giant manufacture of everything from computer chips to supertanker ships, and was perhaps best acknowledged in the United States for its Excel automobile, which, in 1989, was the fastest-selling import car in history.

2. Identifying the main issues

The main issues can be defined as various contexts of Korean economy by the time period of Korea because the...